Note 6 - Inventories

6 Months Ended

Dec. 31, 2011

Note 6: Inventories

Inventories consist of the following (in thousands):

	December 31, 2011			June 30, 2011
Raw Material and Supplies	$	36,218		$	31,928
Goods in Process and Finished Parts		25,922			23,938
Finished Goods		33,967			29,096
		96,107			84,962
LIFO Reserve		(26,032	)		(26,173	)
Inventories	$	70,075		$	58,789

LIFO inventories were $20.3 million and $15.4 million at December 31, 2011 and June 30, 2011, respectively, or approximately $26.0 million and $26.2 million, respectively, less than their respective balances if costed on a FIFO basis. The use of LIFO, as compared to FIFO, resulted in a $0.1 million decrease in cost of sales for the six months ended December 31, 2011 compared to a $0.6 million reduction in cost of sales in the six months ended December 25, 2010. The use of LIFO, as compared to FIFO, resulted in a $0.8 million reduction in cost of sales for the three months ended December 31, 2011 compared to a $0.2 million reduction in cost of sales in the three months ended December 25, 2010.

- 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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