
	July 31, 2026		July 31, 2025
Finished goods – RV	$	213,453	$	256,239
Finished goods – other	158,155		127,600
Work in process	286,706		269,279
Raw materials	454,575		409,411
Chassis	461,318		438,079
Subtotal	1,574,207		1,500,608
Excess of FIFO costs over LIFO costs	(151,090)		(148,812)
Total inventories, net	$	1,423,117	$	1,351,796

Of the $1,574,207 and $1,500,608 of inventories at July 31, 2026 and July 31, 2025, $1,205,326 and $1,089,453, respectively, were valued on the first-in, first-out (“FIFO”) basis, and $368,881 and $411,155, respectively, were valued on the last-in, first-out (“LIFO”) basis. During both fiscal 2026 and fiscal 2024 the amount of inventories in certain LIFO pools decreased and resulted in the liquidation of LIFO inventory layers carried at lower costs. The effect of these liquidations was to increase consolidated net income before income taxes in both years, by approximately $10,760 in fiscal 2026, primarily in the North American Towable segment, and by approximately $29,200 in fiscal 2024, with $23,900 in the North American Motorized segment and the remainder in the North American Towable segment.