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Note 4 - Inventories

3 Months Ended

Sep. 30, 2014

Note 4: Inventories

Inventories consist of the following (in thousands):

	9/30/2014			6/30/2014
Raw material and supplies	$	31,960		$	31,303
Goods in process and finished parts		19,400			19,148
Finished goods		42,075			42,459
		93,435			92,910
LIFO Reserve		(27,467	)		(27,328	)
Inventories	$	65,968		$	65,582

LIFO inventories were $14.9 million and $14.1 million at September 30, 2014 and June 30, 2014, respectively, or approximately $ 27.5 million and $ 27.3 million, respectively, less than their balances accounted for on a FIFO basis. The use of LIFO, as compared to FIFO, resulted in a $0.1 million increase in cost of sales for the three months ended September 30, 2014 compared to a $0.2 million decrease in the three months ended September 30, 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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