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Inventories | 9 Months Ended
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Mar. 31, 2022
Inventory Disclosure [Abstract] |
INVENTORIES | INVENTORIES We used the last-in, first-out (LIFO) method of valuing inventories for 38 percent and 39 percent of total inventories at March 31, 2022 and June 30, 2021, respectively. Inventory valuations under the LIFO method are based on an annual determination of quantities and costs as of June 30 of each year; therefore, the interim LIFO valuations are based on our projections of expected year-end inventory levels and costs and are subject to any final year-end LIFO inventory adjustments. Inventories consisted of the following:
(in thousands) | March 31, 2022 |  | June 30, 2021
Finished goods | $ | 331,467 |  |  | $ | 302,524 |
Work in process and powder blends | 207,276 |  |  | 173,671 |
Raw materials | 100,721 |  |  | 72,551 |
Inventories at current cost | 639,464 |  |  | 548,746 |
Less: LIFO valuation | (77,422) |  |  | (72,401) |
Total inventories | $ | 562,042 |  |  | $ | 476,345 |

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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