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Inventories

12 Months Ended

Jul. 31, 2012

4. INVENTORIES

Major classifications of inventories are:


	July 31,
	2012		2011
Finished products	$	16,570	$	14,179
Work in process		59,803		48,575
Raw materials		104,446		104,360
Chassis		39,044		46,548

Subtotal		219,863		213,662
Excess of FIFO costs over LIFO costs		(33,780)		(29,164)

Total inventories	$	186,083	$	184,498

Of the $219,863 and $213,662 of inventory at July 31, 2012 and 2011, all but $36,887 and $25,530, respectively, at certain subsidiaries were valued on a last-in, first-out basis. The $36,887 and $25,530 of inventory were valued on a first-in, first-out method.

The Company’s reserves for inventory obsolescence were $1,866 at July 31, 2012 and $2,039 at July 31, 2011.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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