D. INVENTORIES

Major classifications of inventories are:


	As of July 31,
	2011		2010
Finished products	$	14,179	$	9,681
Work in process		48,575		46,681
Raw materials		104,360		78,481
Chassis		46,548		33,335

Subtotal		213,662		168,178
Excess of FIFO costs over LIFO costs		(29,164)		(25,498)

Total inventories	$	184,498	$	142,680

Of the $213,662 of inventory at July 31, 2011, all but $25,530 at certain subsidiaries is valued on a last-in, first-out basis. The $25,530 is valued on a first-in, first-out method.

During fiscal 2009 the amount of inventories in certain LIFO pools decreased which resulted in liquidation of LIFO inventory layers, which are carried at lower costs. The effect of this liquidation was to increase net income in fiscal 2009 by approximately $7,400. The impact of this liquidation was approximately $2,730, $4,430 and $240 for the towables, motorized and buses segments, respectively. It is the Company's policy to record the earnings effect of LIFO inventory liquidations in the quarter in which a decrease for the entire year becomes certain. The Company's reserves for inventory obsolescence were $2,039 at July 31, 2011 and $1,536 at July 31, 2010.