5. INVENTORIES

Major classifications of inventories are:


	July 31,
	2015			2014
Finished products – RV	$	35,693		$	27,424
Finished products – other		18,045			–
Work in process		51,556			49,537
Raw materials		133,482			122,150
Chassis		37,739			45,231

Subtotal		276,515			244,342
Excess of FIFO costs over LIFO costs		(30,400	)		(27,988	)

Total inventories	$	246,115		$	216,354

Of the $276,515 and $244,342 of inventory at July 31, 2015 and 2014, all but $72,498 and $36,096, respectively, at certain subsidiaries were valued on the last-in, first-out basis. The $72,498 and $36,096 of inventory were valued on the first-in, first-out method.

The Company’s reserves for inventory obsolescence were $3,638 at July 31, 2015 and $2,057 at July 31, 2014.