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Note B - Inventories | 12 Months Ended
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Jun. 30, 2021
Notes to Financial Statements |
Inventory Disclosure [Text Block] | B. INVENTORIES The major classes of inventories at June 30 were as follows:
|  | 2021 |  |  | 2020 |
Finished parts |  | $ | 59,761 |  |  | $ | 62,394 |
Work in process |  |  | 17,908 |  |  |  | 17,844 |
Raw materials |  |  | 37,298 |  |  |  | 40,369 |
|  | $ | 114,967 |  |  | $ | 120,607 |
Inventories stated on a LIFO basis represent approximately 45% and 50% of total inventories at June 30, 2021 and 2020, respectively. The approximate current cost of the LIFO inventories exceeded the LIFO cost by $25,969 and $27,225 at June 30, 2021 and 2020, respectively. Inventories were reduced during 2021, resulting in a liquidation of a LIFO inventory layer that was carried at a lower cost prevailing from a prior year, as compared with current costs in the current year (“LIFO decrement”). A LIFO decrement results in the erosion of layers created in earlier years, and, therefore, a LIFO layer is not created for years that have decrements. For the year ended June 30, 2021, the effect of this LIFO decrement decreased cost of goods sold by $1,105. There was no LIFO decrement for the year ended June 20, 2020. The Company had reserves for inventory obsolescence of $10,279 and $9,863 at June 30, 2021 and 2020, respectively.

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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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