INVENTORIES

12 Months Ended

Jul. 31, 2025

Major classifications of inventories are as follows:


	July 31, 2025		July 31, 2024
Finished goods – RV	$	256,239	$	249,949
Finished goods – other	127,600		91,371
Work in process	269,279		261,043
Raw materials	409,411		434,165
Chassis	438,079		478,220
Subtotal	1,500,608		1,514,748
Excess of FIFO costs over LIFO costs	(148,812)		(148,110)
Total inventories, net	$	1,351,796	$	1,366,638

Of the $1,500,608 and $1,514,748 of inventories at July 31, 2025 and July 31, 2024, $1,089,453 and $1,109,062, respectively, was valued on the first-in, first-out (“FIFO”) basis, and $411,155 and $405,686, respectively, was valued on the last-in, first-out (“LIFO”) basis. During fiscal years 2024 and 2023 the amount of inventories in certain LIFO pools decreased and resulted in the liquidation of LIFO inventory layers carried at lower costs. The effect of these liquidations was to increase consolidated net income before income taxes in fiscal 2024 by approximately $29,200, with $23,900 in the North American Motorized segment and the remainder in the North American Towable segment, and to increase consolidated net income before income taxes in fiscal 2023 by approximately $8,300, all in the North American Towable segment.