NOTE 7 – INVENTORIES


	February 29, 2016		February 28, 2015
Raw materials	$	13,516	$	14,809
Work in process		8,116		7,578
Finished products		277,480		297,899

		299,112		320,286
Less LIFO reserve		80,159		80,755

		218,953		239,531
Display material and factory supplies		8,503		9,046

	$	227,456	$	248,577

There were no material LIFO liquidations in 2016. During 2015, certain inventory quantities declined resulting in the liquidation of LIFO 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 $64,000 and $63,000 as of February 29, 2016 and February 28, 2015, respectively.