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Note 4 - Inventories

12 Months Ended

May 31, 2014

4.	INVENTORIES

Typically inventories are stated at the lower of cost (first-in, first-out basis) or market (net realizable value). However, in relation to the Immucor Acquisition on August 19, 2011, and the LIFECODES acquisition on March 22, 2013, fair value adjustments of approximately $24.4 million and $4.5 million, respectively, increased inventory to fair value as of those dates which was greater than replacement cost. As of May 31, 2012, the fair value adjustment related to the Immucor Acquisition had been expensed through cost of sales. As of May 31, 2013, approximately $1.7 million of the fair value adjustment related to the LIFECODES acquisition has been expensed through cost of sales in the fiscal 2013 period. As of May 31, 2014, the remaining fair value adjustment related to the LIFECODES acquisition had been expensed through cost of sales, and inventories were again stated at the lower of cost (first-in, first-out basis) or market (net realizable value). The following table is in thousands of dollars:

	As of May 31
	2014		2013

Raw materials and supplies	$	12,110		14,880
Work in process		9,146		8,356
Finished goods		27,895		22,705
	$	49,151		45,941

- 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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