|
NOTE 4 - Inventories
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 $38,348 higher at December
30, 2001, and $42,003 higher at December 31, 2000.
Inventories at the respective year-ends
are as follows:
| |
|
 |
|
|
|
|
|
|
| |
|
|
DECEMBER 30,
2001 |
|
|
|
December 31,
2000 |
|
|
|
|
|
|
|
|
|
|
| |
Finished products |
|
$57,899 |
|
|
|
$104,806 |
|
| |
Jobs in process |
|
9,215 |
|
|
|
18,451 |
|
| |
Materials and supplies |
|
6,928 |
|
|
|
8,555 |
|
|
|
|
|
|
|
|
|
|
| |
Total |
|
$74,042 |
|
|
|
$131,812 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
During fiscal years 2001 and 2000, 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 sales by approximately $5,809 and $464 and decreased net loss by
approximately $3,470 and $274 or $0.13 and $0.01 per share for fiscal years
2001 and 2000, respectively. |
