Note 6 - Inventories

12 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Inventory Disclosure [Text Block]

6.

  INVENTORIES

ASU

No.

2015

-

11,

"Inventory (Topic

330

): Simplifying the Measurement of Inventory", specifies that when an entity measures inventory at the lower of cost or market that “market” is defined as “net realizable value,” or the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The adoption of ASU

No.

2015

-

11

on

July 1, 2017

did

not

have a material impact on our consolidated financial statements.

Inventories consist of the following (in thousands):

	June 30, 2018			June 30, 2017
Raw materials and supplies	$	23,764		$	26,293
Goods in process and finished parts		18,423			16,419
Finished goods		40,739			41,591
		82,926			84,303
LIFO reserve		(24,887	)		(26,206	)
	$	58,039		$	58,097

LIFO inventories were

$8.4

million and

$7.7

million at

June 30, 2018

and

June 30, 2017,

respectively, such amounts being approximately

$24.9

million and

$26.2

million, respectively, less than if determined on a FIFO basis.  The use of LIFO, as compared to FIFO, resulted in a

$1.3

million decrease in cost of sales for the goods sold in fiscal

2018

compared to a

$2.6

million decrease in fiscal

2017.