| INVENTORIES |
INVENTORIES Major classifications of inventories are as follows: | | | | | | | | | | | | | | | | | July 31, 2024 | | July 31, 2023 | | Finished goods – RV | | $ | 249,949 | | | $ | 164,456 | | | Finished goods – other | | 91,371 | | | 93,476 | | | Work in process | | 261,043 | | | 313,006 | | | Raw materials | | 434,165 | | | 563,614 | | | Chassis | | 478,220 | | | 681,122 | | | Subtotal | | 1,514,748 | | | 1,815,674 | | | Excess of FIFO costs over LIFO costs | | (148,110) | | | (162,604) | | | Total inventories, net | | $ | 1,366,638 | | | $ | 1,653,070 | |
Of the $1,514,748 and $1,815,674 of inventories at July 31, 2024 and July 31, 2023, $1,109,062 and $1,224,069, respectively, was valued on the first-in, first-out (“FIFO”) basis, and $405,686 and $591,605, 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.
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