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Inventories

9 Months Ended

Jan. 01, 2012

Note 5 – Inventories

Inventories at January 1, 2012 and April 3, 2011 consisted of the following:


	January 1,		April 3,
	2012		2011
(In thousands)
Finished goods (FIFO basis)		$ 38,048		$ 35,071
LIFO reserve		(5,681)		(5,854)

Net inventory		$ 32,367		$ 29,217

The first in, first out (“FIFO”) value of inventories accounted for under the last in, first out (“LIFO”) method was $32.0 million at January 1, 2012 and $28.6 million at April 3, 2011. The remainder of the inventory was valued and accounted for under the FIFO method.

The LIFO reserve decreased $0.6 million during the three months ended January 1, 2012 compared to an increase of $0.6 million the three months ended December 31, 2010. During the nine months ended January 1, 2012, the LIFO reserve decreased $0.2 million while the reserve increased $1.4 million in the nine months ended December 31, 2010 as a result of the changes in projected fiscal year-end inventory costs, inventory product mix and inventory volumes. The valuation of LIFO inventory for interim periods is based on our estimates of year-end inventory levels and costs.

- 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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