Inventories

12 Months Ended

Jun. 30, 2019

Inventory Disclosure [Abstract]

Inventories

Inventories

The majority of domestic inventories are valued by the last-in, first-out ("LIFO") cost method and the balance of the Company's inventories are valued by the first-in, first-out ("FIFO") cost method. Inventories valued by the FIFO cost method are stated at the lower of cost or net realizable value. Inventories valued by the LIFO cost method are stated at lower of cost or market.

Inventories valued on the LIFO cost method were approximately 41 percent of total inventories in both 2019 and 2018. The current cost of these inventories exceeds their valuation determined on the LIFO basis by $222,715 in 2019 and $203,192 in 2018. Progress payments of $25,026 in 2018 are netted against inventories.

The inventories caption in the Consolidated Balance Sheet is comprised of the following components:

June 30,	2019		2018
Finished products	$	663,068	$	673,323
Work in process	850,778		765,835
Raw materials	164,286		182,146
Total	$	1,678,132	$	1,621,304