The following information is available for Kennametal Inc.'s inventories as of June 30, 2007:

We used the LIFO method of valuing our inventories for approximately 50% and 53% of total inventories at June 30, 2007 and 2006, respectively.
(a) What method of inventory is used for the other 50% and 47% of total inventories?
(b) Explain the meaning of each of the numbers listed in thetable.

Transcribed Image Text:

(in Thousands) 2007 2006 Finished goods Work in process and powder blends Raw materials and supplies Inventories at current cost Less LIFO valuation Total inventories $234,828 $184,349 161815 167 475 72,941 469,584 (65,971) $403,613 53,454 405,278 (70,329) $334,949