Note 3. Inventories

12 Months Ended

Jun. 30, 2016

Inventories

Inventories are valued using the lower of last-in, first-out (“LIFO”) cost or market value for approximately 93% and 91% of consolidated inventories at June 30, 2016 and June 30, 2015, respectively. The remaining inventories 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 from continuing operations would have been $1.0 million lower in fiscal year 2016, $0.2 million higher in fiscal year 2015, and $0.6 million higher in fiscal year 2014. Certain inventory quantity reductions caused liquidations of LIFO inventory values, which increased income from continuing operations by an immaterial amount in 2016, 2015 and 2014.

Inventory components at June 30 were as follows:



(Amounts in Thousands)	2016			2015
Finished products	$	26,494		$	26,634
Work-in-process	1,840			1,952
Raw materials	25,070			23,201
Total FIFO inventory	$	53,404		$	51,787
LIFO reserve	(12,466		)	(14,153		)
Total inventory	$	40,938		$	37,634