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INVENTORIES

12 Months Ended

Jun. 30, 2012

B. INVENTORIES

The major classes of inventories at June 30 were as follows (in thousands):

	2012		2011
Finished parts	$	62,909	$	56,074
Work-in-process		16,608		18,561
Raw materials		23,661		24,504

	$	103,178	$	99,139

Inventories stated on a LIFO basis represent approximately 33% and 32% of total inventories at June 30, 2012 and 2011, respectively. The approximate current cost of the LIFO inventories exceeded the LIFO cost by $23,970,000 and $23,020,000 at June 30, 2012 and 2011, respectively. The Company reserves for inventory obsolescence of $6,728,000 and $6,219,000 at June 30, 2012 and 2011, 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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