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Note 4 - Inventories

3 Months Ended

Aug. 31, 2014

4.	INVENTORIES

Inventories are stated at the lower of cost (first-in, first-out basis) or market (net realizable value). Inventories as of August 31, 2014, and May 31, 2014 include the following (in thousands):

	As of
	August 31, 2014		May 31, 2014

Raw materials and supplies	$	10,908		12,110
Work in process		9,574		9,146
Finished goods		28,404		27,895
	$	48,886		49,151

- 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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