Note 5 - Inventories

12 Months Ended

Jun. 30, 2012

5. INVENTORIES

Inventories consist of the following (in thousands):

	June 30, 2012		June 30, 2011
Raw materials and supplies	$	35,803	$	31,928
Goods in process and finished parts		24,044		23,938
Finished goods		37,553		29,096
		97,400		84,962
LIFO Reserve		(27,505)		(26,173	)
	$	69,895		58,789

LIFO inventories were $19.7 million and $15.4 million at June 30, 2012 and June 30, 2011, respectively, such amounts being approximately $27.5 million and $26.2 million, respectively, less than if determined on a FIFO basis. The use of LIFO, as compared to FIFO, on an annual basis resulted in a $1.3 million increase in cost of sales in fiscal 2012 compared to a $1.0 million increase in cost of sales in fiscal 2011 and a $8.5 million reduction in cost of sales in fiscal 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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