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Note 4 - Inventories

9 Months Ended

Mar. 31, 2014

Note 4: Inventories

Inventories consist of the following (in thousands):

	3/31/2014			6/30/2013
Raw material and supplies	$	30,248		$	29,565
Goods in process and finished parts		19,086			20,256
Finished goods		45,990			37,507
		95,324			87,328
LIFO Reserve		(29,382	)		(30,827	)
Inventories	$	65,942		$	56,501

LIFO inventories were $13.5 million and $12.9 million at March 31, 2014 and June 30, 2013 respectively, or approximately $29.4 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 $1.4 million decrease in cost of sales for the nine months ended March 31, 2014 compared to a $4.1 million increase in the nine months ended March 31, 2013. The use of LIFO, as compared to FIFO, resulted in a $0.9 million decrease in cost of sales for the three months ended March 31, 2014 compared to a $3.1 million increase in cost of sales in the three months ended March 31, 2013.

- 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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