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Inventories

12 Months Ended

Jun. 30, 2012

Inventories

Inventories consist of paper stock, editorial content, and books. Of total net inventory values, 38 percent at June 30, 2012, and 46 percent at June 30, 2011, were determined using the LIFO method. LIFO inventory expense (income) included in the Consolidated Statements of Earnings was $(0.7) million in fiscal 2012, $3.7 million in fiscal 2011, and $(4.6) million in fiscal 2010.



June 30,	2012			2011
(In thousands)
Raw materials	$	13,405		$	15,633
Work in process	13,767			11,723
Finished goods	2,138			1,609
	29,310			28,965
Reserve for LIFO cost valuation	(6,751		)	(7,436		)
Inventories	$	22,559		$	21,529

- 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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