Note 6 - Inventories

6 Months Ended

Dec. 25, 2011

6. Inventories

Inventories consist of the following:

	December 25, 2011			June 26, 2011
Raw materials	$	44,665		$	52,387
Supplies		5,267			6,016
Work in process		4,960			7,000
Finished goods		62,588			74,399
Gross inventories		117,480			139,802
Inventory reserves		(3,300	)		(4,919	)
Total inventories	$	114,180		$	134,883

Certain foreign inventories of $31,322 and $43,734 as of December 25, 2011 and June 26, 2011, respectively, were valued under the average cost method. The change in these foreign inventories from the beginning of the year was due to declining prices, lower quantities on-hand at the Company’s Brazilian operations as well as the weakening of the Brazilian Real versus the U.S. dollar that occurred beginning in September 2011. Included in the Company’s finished goods is $117 and $164 of consigned goods located in El Salvador.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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