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Note 4 - Inventories

6 Months Ended

Dec. 31, 2013

Note 4: Inventories

Inventories consist of the following (in thousands):

	12/31/2013			6/30/2013
Raw material and supplies	$	31,480		$	29,565
Goods in process and finished parts		20,865			20,256
Finished goods		38,420			37,507
		90,765			87,328
LIFO Reserve		(30,358	)		(30,827	)
Inventories	$	60,407		$	56,501

LIFO inventories were $13.1 million and $12.9 million at December 31, 2013 and June 30, 2013, or approximately $30.3 million and $ 30.8 million, respectively, less than their balances accounted for on a FIFO basis. The use of LIFO, as compared to FIFO, resulted in a $0.4 million decrease in cost of sales for the six months ended December 31, 2013 compared to a $1.0 million increase in the six months ended December 31, 2012.

- 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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