Note 6 - Inventories, Net

12 Months Ended

May 31, 2016

Notes to Financial Statements

Inventory Disclosure [Text Block]

6. INVENTORIES, NET

In May 2016, the Company adopted ASU No. 2015-11,

Inventory: Simplifying the Measurement of Inventory.

ASU 2015-11 requires that inventory be measured at the lower of cost or net realizable value. The adoption of this new standard did not have a material impact on our inventory valuation as of May 31, 2016. The Company measures inventories at cost using a first-in, first-out basis. Prior to May 2016, the Company measured inventories at the lower of cost or market. As of May 31, 2016 and 2015, inventories, net consist of the following (in thousands):

	As of May 31
	2016		2015
Raw materials and supplies	$	11,840		10,816
Work in process		11,944		9,197
Finished goods		23,110		21,834
Total inventories, net	$	46,894		41,847