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Inventories | 6 Months Ended
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Dec. 31, 2016
Inventory Disclosure [Abstract] |
INVENTORIES | INVENTORIES We used the last-in, first-out (LIFO) method of valuing inventories for 46 percent and 44 percent of total inventories at December 31, 2016 and June 30, 2016, respectively. Since inventory valuations under the LIFO method are based on an annual determination of quantities and costs as of June 30 of each year, the interim LIFO valuations are based on our projections of expected year-end inventory levels and costs. Therefore, the interim financial results are subject to any final year-end LIFO inventory adjustments. Inventories consisted of the following:
(in thousands) | December 31, 2016 |  | June 30, 2016
Finished goods | $ | 280,427 |  |  | $ | 284,054 |
Work in process and powder blends | 150,881 |  |  | 166,274 |
Raw materials | 76,003 |  |  | 68,472 |
Inventories at current cost | 507,311 |  |  | 518,800 |
Less: LIFO valuation | (57,421 | ) |  | (59,970 | )
Total inventories | $ | 449,890 |  |  | $ | 458,830 |
During the three months ended December 31, 2016, the Company identified and recorded an adjustment to correct an error impacting the excess and obsolete inventory reserve as of September 30, 2016. This resulted in an increase of $1.4 million to cost of goods sold for the three months ended December 31, 2016 that should have been recorded in the three months ended September 30, 2016. There was no impact to cost of goods sold for the six months ended December 31, 2016 nor to inventories as of December 31, 2016. After evaluation, the Company determined that the impact was not material to the previously issued interim financial statements.

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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 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 + Details
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