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Inventories

12 Months Ended

Jun. 30, 2014

Inventories consist of paper stock, editorial content, and books. Of total net inventory values, 49 percent at June 30, 2014, and 50 percent at June 30, 2013, were determined using the LIFO method. LIFO inventory income included in the Consolidated Statements of Earnings was $0.8 million in fiscal 2014, $1.7 million in fiscal 2013, and $0.7 million in fiscal 2012.



June 30,	2014			2013
(In thousands)
Raw materials	$	11,993		$	14,336
Work in process	13,398			16,392
Finished goods	2,814			2,680
	28,205			33,408
Reserve for LIFO cost valuation	(4,197		)	(5,022		)
Inventories	$	24,008		$	28,386

- 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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