The Gorman-Rupp Company Just Filed Its Quarterly Report: NOTE B - INVENTORIE...


NOTE B - INVENTORIES


Inventories are stated at the lower of cost or market. The costs for approximately 74% of inventories at March 31, 2014 and 76% of inventories at December 31, 2013 are determined using the last-in, first-out (LIFO) method, with the remainder determined using the first-in, first-out (FIFO) method applied on a consistent basis. An actual valuation of inventory under the LIFO method is made at the end of each year based on the inventory levels and costs at that time. Interim LIFO calculations are based on management’s estimate of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory valuation.


The major components of inventories are as follows (net of LIFO reserves of $56.4 million and $55.3 million at March 31, 2014 and December 31, 2013, respectively):


(Thousands of dollars)

 

March 31,

2014

   

December 31,

2013

 

Raw materials and in-process

  $ 22,769     $ 26,877  

Finished parts

    39,995       46,491  

Finished products

    26,169       16,578  

Total inventories

  $ 88,933     $ 89,946  

The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.

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