Inventories

12 Months Ended

Jun. 30, 2020

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 33 percent of total inventories in 2020 and 41 percent in 2019. The current cost of these inventories exceeds their valuation determined on the LIFO basis by $219,854 and $222,715 in 2020 and 2019, respectively.

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

June 30,	2020		2019
Finished products	$	694,577	$	663,068
Work in process	881,104		850,778
Raw materials	238,950		164,286
Total	$	1,814,631	$	1,678,132