Note 2. Inventories

6 Months Ended

Dec. 31, 2012

Inventories

Inventory components were as follows:



(Amounts in Thousands)	December 31, 2012			June 30, 2012
Finished products	$	39,783		$	26,552
Work-in-process	13,241			12,582
Raw materials	96,693			91,105
Total FIFO inventory	$	149,717		$	130,239
LIFO reserve	(12,411		)	(12,558		)
Total inventory	$	137,306		$	117,681

For interim reporting, LIFO inventories are computed based on quantities as of the end of the quarter and interim changes in price levels. Changes in quantities and price levels are reflected in the interim financial statements in the period in which they occur, except in cases where LIFO inventory liquidations are expected to be reinstated by fiscal year end. LIFO inventory liquidations during the three and six month periods ended December 31, 2012 were immaterial. During the three and six month periods ended December 31, 2011, LIFO inventory liquidations increased net income by, in thousands, $264 and $280, 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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