Notes Four: INVENTORIES

Inventories were as follows at November 30:

Certain steel inventories are valued using the LIFO method. Inventories valued using the LIFO method comprised 7.8% and 8.3% of consolidated inventories at November 30, 2005 and 2004, respectively. If inventories valued using the LIFO method had been valued using the FIFO method, total inventories would have increased by $6,864,000 and $7,929,000 at November 30, 2005 and 2004, respectively.