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Inventories

3 Months Ended

Aug. 31, 2014

2. INVENTORIES

Inventories are stated at the lower of cost, determined on the first-in, first-out method, or market. The components of inventories follow:


	August 31, 2014		May 31, 2014
	(In thousands)
Raw Materials	$	22,121	$	21,515
Work-in-process		4,206		3,681
Finished and purchased goods		28,760		25,982

	$	55,087	$	51,178

- 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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