Inventories

9 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

Inventories

InventoriesInventory components were as follows:

(Amounts in Thousands)	March 31, 2022		June 30, 2021
Finished products	$	56,235	$	37,787
Work-in-process	1,829		1,320
Raw materials	48,988		33,428
Total FIFO inventory	107,052		72,535
LIFO reserve	(23,507)		(18,244)
Total inventory	$	83,545	$	54,291

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 expense including the effect of changes in quantities, price levels, and inventory liquidations during the three and nine month periods ended March 31, 2022 totaled $1.6 million and $5.3 million, respectively. The earnings impacts of LIFO inventory liquidations during both the three and nine month periods ended March 31, 2022 were income, of $1.6 million which was more than offset by LIFO expense resulting from inflation. LIFO expense during the three and nine month periods ended March 31, 2021 totaled $0.3 million and $0.8 million, respectively. The earnings impacts of LIFO inventory liquidations during the three and nine month periods ended March 31, 2021 were $0.4 million and $0.6 million, respectively.