INVENTORIES, NET
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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INVENTORIES, NET [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES, NET | NOTE 4. INVENTORIES, NET Inventories, net, consisted of the following as of June 30:
The last-in, first-out (LIFO) method was used to value approximately 37% and 39% of inventories as of June 30, 2013 and 2012, respectively. The carrying values for all other inventories, including inventories of all international businesses, are determined on the first-in, first-out (FIFO) method. The effect on earnings of the liquidation of LIFO layers was a benefit of $3, $2 and $1 for the fiscal years ended June 30, 2013, 2012 and 2011, respectively. During fiscal years 2013, 2012 and 2011, the Company's inventory obsolescence expense was $12, $13 and $15, respectively. |