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Inventories

12 Months Ended

Sep. 27, 2014

B. Inventories

Inventories are valued at the lower of cost or market. Cost is determined using the last-in, first-out (LIFO) method for approximately 62% and 55% of the Company’s inventories at September 27, 2014 and September 28, 2013, respectively. Other inventories, primarily in the publishing segment, are determined on a first-in, first-out (FIFO) basis.

Inventories consisted of the following at September 27, 2014 and September 28, 2013:

	(000’s omitted)
	2014		2013

Raw materials	$	9,652	$	6,750
Work in process	10,326		8,724
Finished goods	18,261		19,612
Total	$	38,239	$	35,086

On a FIFO basis, reported year-end inventories would have been higher by $6.4 million and $5.4 million in fiscal 2014 and fiscal 2013, respectively.

- 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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