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Note 6 - Inventories

12 Months Ended

Jun. 30, 2013

6. INVENTORIES

Inventories consist of the following (in thousands):

	June 30, 2013			June 30, 2012
Raw materials and supplies	$	29,565		$	35,803
Goods in process and finished parts		20,256			24,044
Finished goods		37,507			37,553
		87,328			97,400
LIFO reserve		(30,827	)		(27,505	)
	$	56,501			69,895

LIFO inventories were $12.9 million and $19.7 million at June 30, 2013 and June 30, 2012, respectively, such amounts being approximately $30.8 million and $27.5 million, respectively, less than if determined on a FIFO basis. Increases in the LIFO reserve of $3.3 million, $1.3 million, and $1.0 million in fiscal 2013, 2012 and 2011 respectively, resulted in a corresponding increase in cost of goods sold.

During fiscal 2013, a reduction in total inventory resulted in a liquidation of LIFO inventory quantities valued at the lower costs of prior years. The LIFO liquidation decreased cost of goods sold in fiscal 2013 by approximately $0.8 million.

- 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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