Inventories

12 Months Ended

Jun. 30, 2022

Inventories are stated at the lower of cost or net realizable value. Inventories are valued using the last-in, first-out (“LIFO”) method for approximately 51% and 67% of consolidated inventories at June 30, 2022 and June 30, 2021, respectively. The percentage of inventory subject to LIFO at the end of fiscal year 2022 decreased as a result of higher Poppin inventory, which is accounted for using the average cost method. The remaining inventories are valued using the first-in, first-out (“FIFO”) method and average cost method.

Had non-LIFO methods been used for all inventories, pre-tax income would have been $5.5 million higher in fiscal year 2022, $2.1 million higher in fiscal year 2021, and $0.1 million lower in fiscal year 2020. Certain inventory quantity reductions caused liquidations of LIFO inventory values, which increased pre-tax income by $3.5 million in 2022, $1.3 million in 2021 and an immaterial amount in 2020.

Inventory components at June 30 were as follows:


(Amounts in Thousands)	2022		2021
Finished products	$	66,890	$	37,787
Work-in-process	1,974		1,320
Raw materials	52,878		33,428
Total FIFO inventory	$	121,742	$	72,535
LIFO reserve	(23,773)		(18,244)
Total inventory	$	97,969	$	54,291