5. INVENTORIES

Major classifications of inventories are:


	July 31,
	2016			2015
Finished products – RV	$	39,943		$	35,693
Finished products – other		20,141			18,045
Work in process		97,872			51,556
Raw materials		173,362			133,482
Chassis		102,686			37,739

Subtotal		434,004			276,515
Excess of FIFO costs over LIFO costs		(30,135	)		(30,400	)

Total inventories	$	403,869		$	246,115

Of the $434,004 and $276,515 of inventory at July 31, 2016 and 2015, $219,050 and $204,017, respectively, was valued on the last-in, first-out (LIFO) basis, and $214,954 and $72,498, respectively, was valued on the first-in, first-out (FIFO) method. The fiscal 2016 acquisition of Jayco accounted for $138,292 of the $142,456 increase in FIFO inventory during fiscal 2016.

The Company’s reserves for inventory obsolescence were $4,840 at July 31, 2016 and $3,638 at July 31, 2015, with the increase primarily due to the fiscal 2016 acquisition of Jayco.