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Inventories | 12 Months Ended
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Jun. 30, 2017
Inventory Disclosure [Abstract] |
INVENTORIES | INVENTORIES Inventories consist of the following:
June 30, |  | 2017 |  |  | 2016 |
U.S. inventories at average cost |  | $ | 373,984 |  |  | $ | 380,000 |
Foreign inventories at average cost |  | 108,734 |  |  | 105,465 |
|  | 482,718 |  |  | 485,465 |
Less: Excess of average cost over LIFO cost for U.S. inventories |  | 137,573 |  |  | 147,244 |
Inventories on consolidated balance sheets |  | $ | 345,145 |  |  | $ | 338,221 |
In fiscal 2017, reductions in U.S. inventories, primarily in the bearings pool which included the scrapping of approximately $6,000 of product, resulted in liquidation of LIFO inventory quantities carried at lower costs prevailing in prior years. The overall impact of LIFO layer liquidations increased gross profit by $9,414 and $2,100 in fiscal 2017 and fiscal 2016, respectively. There were no LIFO layer liquidations in fiscal 2015.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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