Note 10 – Inventories


(In thousands)	May 31, 2013		February 28, 2013		May 25, 2012
Raw materials		$ 25,187		$ 21,303		$ 18,290
Work in process		12,843		6,683		13,070
Finished products		265,262		278,573		243,951

		303,292		306,559		275,311
Less LIFO reserve		84,252		84,166		82,192

		219,040		222,393		193,119
Display materials and factory supplies		18,784		20,054		21,469

		$237,824		$242,447		$214,588

The valuation of inventory under the Last-In, First-Out (“LIFO”) method is made at the end of each fiscal year based on inventory levels and costs at that time. Accordingly, interim LIFO calculations, by necessity, are based on estimates of expected fiscal year-end inventory levels and costs, and are subject to final fiscal year-end LIFO inventory calculations.

Inventory held on location for retailers with scan-based trading arrangements, which is included in finished products, totaled $68.6 million, $59.7 million and $59.0 million as of May 31, 2013, February 28, 2013 and May 25, 2012, respectively.