Note 2. Inventories

12 Months Ended

Jun. 30, 2012

Inventories

Inventories are valued using the lower of last-in, first-out (LIFO) cost or market value for approximately 10% and 11% of consolidated inventories at June 30, 2012 and June 30, 2011, respectively, including approximately 78% and 81% of the Furniture segment inventories at June 30, 2012 and June 30, 2011, respectively. The EMS segment inventories and the remaining inventories in the Furniture segment are valued using the lower of first-in, first-out (FIFO) cost or market value.

Had the FIFO method been used for all inventories, income would have been $0.4 million lower in fiscal year 2012, $0.2 million higher in fiscal year 2011, and $0.8 million lower in fiscal year 2010. Certain inventory quantity reductions caused liquidations of LIFO inventory values, which increased income by $1.8 million in fiscal year 2012, $0.9 million in fiscal year 2011, and $1.3 million in fiscal year 2010.

Inventory components at June 30 were as follows:



(Amounts in Thousands)	2012			2011
Finished products	$	26,552		$	33,287
Work-in-process	12,582			11,734
Raw materials	91,105			109,337
Total FIFO inventory	$	130,239		$	154,358
LIFO reserve	(12,558		)	(13,261		)
Total inventory	$	117,681		$	141,097

- 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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