AEP Industries Inc. is a leading manufacturer of plastic packing films. The company uses the LIFO inventory method for external reporting but maintains its internal records using FIFO. The following disclosure note was included in a recent quarterly report:

Inventories (in part)

Inventories are comprised of the following In thousands) January 31, October 31, 2014 2013 49,883 48,467 Raw materials 93,483 83,363 Finished goods 5,865 6,322 Supplies 149,231 138,152 Less: LIFO reserve (42,935) (41,061) $106,296 97,091