Note B - Inventories

12 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Inventory Disclosure [Text Block]

B. INVENTORIES

The major classes of inventories at June 30 were as follows:

	2022		2021
Finished parts	$	65,789	$	59,761
Work in process		19,801		17,908
Raw materials		41,519		37,298
	$	127,109	$	114,967

Inventories stated on a LIFO basis represent approximately 44% and 45% of total inventories at June 30, 2022 and 2021, respectively. The approximate current cost of the LIFO inventories exceeded the LIFO cost by $27,797 and $25,969 at June 30, 2022 and 2021, respectively. Inventories were reduced during 2021, resulting in a liquidation of a LIFO inventory layer that was carried at a lower cost prevailing from a prior year, as compared with current costs in the current year (“LIFO decrement”). A LIFO decrement results in the erosion of layers created in earlier years, and, therefore, a LIFO layer is not created for years that have decrements. There was no LIFO decrement for the year ended June 30, 2022. For the year ended June 30, 2021, the effect of this LIFO decrement decreased cost of goods sold by $1,105.

The Company had reserves for inventory obsolescence of $11,557 and $10,279 at June 30, 2022 and 2021, respectively.