Inventories, net
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 04, 2014
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Inventory, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories, net | Inventories, net: Inventories are stated at the lower of cost or market. The Company used the LIFO method of accounting for approximately 88% of inventories at October 4, 2014 and 95% of inventories at December 28, 2013 and October 5, 2013. Under LIFO, the Company’s cost of sales reflects the costs of the most recently purchased inventories, while the inventory carrying balance represents the costs for inventories purchased in Fiscal 2014 and prior years. As a result of utilizing LIFO, the Company recorded a reduction to cost of sales of $4,172 for the forty weeks ended October 4, 2014 and an increase to cost of sales of $476 for the forty weeks ended October 5, 2013. The Company's overall costs to acquire inventory for the same or similar products have generally decreased historically as the Company has been able to leverage its continued growth, execution of merchandising strategies and realization of supply chain efficiencies. An actual valuation of inventory under the LIFO method is performed by the Company at the end of each fiscal year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected fiscal year-end inventory levels and costs. Inventory balances at October 4, 2014, December 28, 2013 and October 5, 2013 were as follows:
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