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INVENTORIES

12 Months Ended

Jan. 03, 2015

3. INVENTORIES

Inventories consisted of the following (amounts in thousands):

	January 3, 2015		December 28, 2013
Finished goods	$	7,144	$	6,958
Work in process	1,119		985
Raw materials and supplies	9,213		8,269
	$	17,476	$	16,212

If inventories valued on the LIFO basis were valued at current costs, inventories would be higher by $6,063,000 and $6,328,000 at January 3, 2015 and December 28, 2013, respectively.

Reductions in inventory quantities during 2013 at two locations resulted in the liquidation of LIFO inventory layers carried at costs lower than the costs of current purchases. The effect was to decrease cost of sales by approximately $16,000 for the fiscal 2013 year.

- 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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