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Note 6 - Inventories

12 Months Ended

Jun. 30, 2014

6. INVENTORIES

Inventories consist of the following (in thousands):

	June 30, 2014			June 30, 2013
Raw materials and supplies	$	31,303		$	29,565
Goods in process and finished parts		19,148			20,256
Finished goods		42,459			37,507
		92,910			87,328
LIFO reserve		(27,328	)		(30,827	)
	$	65,582		$	56,501

LIFO inventories were $14.1 million and $12.9 million at June 30, 2014 and June 30, 2013, respectively, such amounts being approximately $27.3 million and $30.8 million, respectively, less than if determined on a FIFO basis. The use of LIFO compared to FIFO on an annual basis resulted in a $3.5 million decrease in cost of sales in fiscal 2014 compared to increases in cost of goods sold of $3.3 million and $1.3 million in fiscal 2013 and 2012 respectively.

- 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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