Note 4 - Inventories

9 Months Ended

Mar. 31, 2015

Note 4: Inventories

Inventories consist of the following (in thousands):

	3/31/2015 (Unaudited)			6/30/2014
Raw material and supplies	$	33,813		$	31,303
Goods in process and finished parts		19,378			19,148
Finished goods		40,542			42,459
		93,733			92,910
LIFO Reserve		(27,514	)		(27,328	)
Inventories	$	66,219		$	65,582

LIFO inventories were $16.3

million and $14.1 million at March 31, 2015

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 $0.2 million increase in cost of sales for the nine months ended March 31, 2015

compared to a $1.4 million decrease for the nine months ended March 31, 2014

- 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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