Note 2. Inventories

3 Months Ended

Sep. 30, 2013

Inventories

Inventory components were as follows:



(Amounts in Thousands)	September 30, 2013			June 30, 2013
Finished products	$	31,719		$	33,956
Work-in-process	12,233			12,746
Raw materials	98,242			90,167
Total FIFO inventory	$	142,194		$	136,869
LIFO reserve	(13,417		)	(12,871		)
Total inventory	$	128,777		$	123,998

For interim reporting, LIFO inventories are computed based on quantities as of the end of the quarter and interim changes in price levels. Changes in quantities and price levels are reflected in the interim financial statements in the period in which they occur, except in cases where LIFO inventory liquidations are expected to be reinstated by fiscal year end. The earnings impact of LIFO inventory liquidations during the three-month period ended September 30, 2013 was immaterial. During the three-month period ended September 30, 2012, there were no LIFO inventory liquidations.

- 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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