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Inventories

12 Months Ended

Jun. 02, 2012

Inventories



(In millions)	June 2, 2012		May 28, 2011
Finished goods and work in process	$	40.4	$	46.2
Raw materials	18.9		20.0
Total	$	59.3	$	66.2

The inventories of the manufacturing sites in Michigan are valued using the last-in, first-out method (LIFO). The inventories of all other subsidiaries are valued using the first-in, first-out method. Inventories valued using LIFO amounted to $18.0 million and $24.1 million as of June 2, 2012 and May 28, 2011, respectively. During 2012, a reduction in inventory quantities resulted in a liquidation of applicable LIFO inventory quantities carried at lower costs in prior years. This LIFO liquidation decreased cost of goods sold by an negligible amount in 2012. If all inventories had been valued using the first-in first-out method, inventories would have been $70.7 million and $77.8 million at June 2, 2012 and May 28, 2011, respectively.

- 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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