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Inventories

9 Months Ended

Mar. 31, 2014

2. INVENTORIES

The Company values inventory at the lower of cost or net realizable value. Raw steel is valued on the last-in, first-out (“LIFO”) method. Other inventories are valued on the first-in, first-out (“FIFO”) method. Inventories valued on the LIFO method would have been approximately $1.5 million and $1.7 million higher at March 31, 2014 and June 30, 2013, respectively, if they had been valued on the FIFO method. At March 31, 2014 and June 30, 2013 the total value of LIFO inventory was $2.9 million and $2.6 million, respectively. A comparison of inventories is as follows:



(in thousands)	March 31,		June 30,
	2014		2013
Raw materials	$	11,028	$	10,684
Work in process and finished parts		5,479		5,410
Finished goods		75,593		76,323
Total	$	92,100	$	92,417

- 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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