Note 4 - Inventories

3 Months Ended

Sep. 30, 2017

Notes to Financial Statements

Inventory Disclosure [Text Block]

Note

4:

   Inventories

In

July 2015,

the FASB issued ASU

No.

2015

-

11,

"Inventory (Topic

330

): Simplifying the Measurement of Inventory." Previous to the issuance of this ASU, ASC

330

required that an entity measure inventory at the lower of cost or market. ASU

2015

-

11

specifies that “market” is defined as “net realizable value,” or the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This ASU is effective for fiscal years, and for interim periods within those fiscal years, beginning after

December 15, 2016.

Application is to be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The adoption of ASU

No.

2015

-

11

did

not

have a material impact on our consolidated financial statements.

Inventories consist of the following (in thousands):

	9 /30/2017			6/30/201 7
Raw material and supplies	$	30,260		$	26,293
Goods in process and finished parts		16,025			16,419
Finished goods		42,130			41,591
		88,415			84,303
LIFO Reserve		(26,303	)		(26,206	)
	$	62,112		$	58,097

LIFO inventories were $

8

.5

million and

$7

.7

million at

September 30, 2017

and

June 30, 2017,

respectively, such amounts being approximately

$26

.3

million and

$26

.2

million, respectively, less than if determined 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, 2017

compared to

no

material change for the

three

months ended

September 30, 2016

.