Inventories

The Company utilizes the last-in, first-out ("LIFO") method of accounting for inventories. An actual valuation under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory valuation. The cumulative difference between the first-in, first-out ("FIFO") cost and the stated LIFO cost was $4.9 million and $4.6 million as of October 31, 2015 and January 31, 2015, respectively. Inventory balances at October 31, 2015 and January 31, 2015 were as follows (dollars in thousands):



	October 31, 2015			January 31, 2015
Inventories (at FIFO)	$	232,123		$	192,605
LIFO reserve	(4,877		)	(4,645		)
Net inventories	$	227,246		$	187,960