Note 4. Inventories

9 Months Ended

Mar. 31, 2015

Inventories

Inventory components were as follows:



(Amounts in Thousands)	March 31, 2015			June 30, 2014
Finished products	$	26,208		$	37,373
Work-in-process	1,955			13,808
Raw materials	20,907			103,083
Total FIFO inventory	49,070			154,264
LIFO reserve	(14,395		)	(13,789		)
Total inventory	$	34,675		$	140,475

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. The earnings impact of LIFO inventory liquidations during the three and nine-month periods ended March 31, 2015 and 2014 was immaterial. The reduction in FIFO inventory from June 30, 2014 to March 31, 2015 was due primarily to the spin-off of Kimball Electronics, Inc. from Kimball International, Inc. on October 31, 2014.

- 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.

+ References+ Details