Note C -- Inventories

The components of inventories were:


		APRIL 30
(in thousands)		2012		2011
Raw materials	$	9,412	$	9,275
Work-in-process		14,543		16,597
Finished goods		8,734		8,679

Total FIFO inventories		32,689		34,551
Reserve to adjust inventories to LIFO value		(10,349)		(10,080)

Total LIFO inventories	$	22,340	$	24,471

After tax income (losses) were impacted by $125,000, $34,000 and $394,000 in fiscal years 2012, 2011 and 2010, respectively, as a result of liquidation of LIFO based inventories.

- 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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