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Note 4 - Inventories

6 Months Ended

Nov. 30, 2013

4. INVENTORIES

Inventories are stated at the lower of cost (first-in, first-out basis) or market (net realizable value). In relation to the acquisition of LIFECODES on March 22, 2013, a fair value adjustment of $4.5 million increased inventory to net realizable value, which was greater than replacement cost. As of November 30, 2013, the fair value adjustment has been expensed through cost of sales and inventories are again stated at the lower of cost (first-in, first-out basis) or market (net realizable value). Approximately $0.5 million and $2.7 million of the fair value adjustment was expensed in the second quarter and the first six months of fiscal 2014, respectively. Inventories as of November 30, 2013, and May 31, 2013 include the following (thousands of dollars):

	As of
	November 30, 2013		May 31, 2013

Raw materials and supplies	$	15,991		14,880
Work in process		10,038		8,356
Finished goods		21,698		22,705
	$	47,727		45,941

- 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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