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Inventories

12 Months Ended

Feb. 28, 2015

NOTE 7 – INVENTORIES


	February 28, 2015		February 28, 2014
Raw materials	$	14,809	$	20,915
Work in process		7,578		8,093
Finished products		297,899		287,481

		320,286		316,489
Less LIFO reserve		80,755		82,140

		239,531		234,349
Display material and factory supplies		9,046		20,412

	$	248,577	$	254,761

There were no material LIFO liquidations in 2014. During 2015, certain inventory quantities declined resulting in the liquidation of LIFO inventory layers carried at lower costs compared with current year purchases. The income statement effect of such liquidation on material, labor and other production costs was approximately $3,000. Inventory held on location for retailers with SBT arrangements, which is included in finished products, totaled approximately $67,000 as of February 28, 2015 and 2014.

- 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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