5. INVENTORIES

Major classifications of inventories are:


	July 31,
	2018			2017
Finished products – RV	$	44,998		$	24,904
Finished products – Other		35,320			27,862
Work in process		124,703			117,319
Raw materials		258,429			214,518
Chassis		116,308			109,555

Subtotal		579,758			494,158
Excess of FIFO costs over LIFO costs		(41,849	)		(33,670	)

Total inventories	$	537,909		$	460,488

Of the $579,758 and $494,158 of inventory at July 31, 2018 and 2017, $305,990 and $284,897, respectively, was valued on the last-in, first-out (LIFO) basis, and $273,768 and $209,261, respectively, was valued on the first-in, first-out (FIFO) method.

The Company’s reserves for inventory obsolescence were $5,273 at July 31, 2018 and $5,240 at July 31, 2017.