5. INVENTORIES

Major classifications of inventories are:


	July 31,
	2017			2016
Finished products – RV	$	24,904		$	39,943
Finished products – other		27,862			20,141
Work in process		117,319			97,872
Raw materials		214,518			173,362
Chassis		109,555			102,686

Subtotal		494,158			434,004
Excess of FIFO costs over LIFO costs		(33,670	)		(30,135	)

Total inventories	$	460,488		$	403,869

Of the $494,158 and $434,004 of inventory at July 31, 2017 and 2016, $284,897 and $219,050, respectively, was valued on the last-in, first-out (LIFO) basis, and $209,261 and $214,954, respectively, was valued on the first-in, first-out (FIFO) method.

The Company’s reserves for inventory obsolescence were $5,240 at July 31, 2017 and $4,840 at July 31, 2016.