NOTE 4 - I n v e n t o r i
e s
Inventories are valued at the lower of cost or market
determined by the last-in, first-out (LIFO) method. If the first-in, first-out
(FIFO) method had been used, these inventories would have been $42,003 higher
at December 31, 2000 and $36,441 higher at January 2, 2000. Inventories
at the respective year-ends are as follows:
| |
|
|
|
|
| (Dollars in thousands) |
December
31,
2000 |
January
2,
2000 |
 |
| Finished products |
$ |
104,806 |
$ |
101,717 |
| Jobs in process |
|
18,451 |
|
18,321 |
| Materials and supplies |
|
8,555 |
|
11,716 |
|
| Total |
$ |
131,812 |
$ |
131,754 |
|
During fiscal years 2000 and 1999, inventory quantities
were reduced. These reductions resulted in liquidations of LIFO inventory
quantities carried at lower costs prevailing in prior years as compared
with the cost of current year purchases, the effect of which decreased cost
of products sold by approximately $464 and $635 and increased net income
by approximately $274 and $380 or $.01 and $.01 per share for fiscal years
2000 and 1999, respectively.
|
