Inventories

Inventories consisted of the following (in thousands):



	June 30, 2015			March 31, 2015
At cost - FIFO basis:
Raw materials	$	66,340		$	62,513
Work-in-process	18,974			16,893
Finished goods	43,236			41,807
Total at cost FIFO basis	128,550			121,213
LIFO cost less than FIFO cost	(17,658		)	(18,026		)
Net inventories	$	110,892		$	103,187

An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations must necessarily be based on management's estimates of expected year-end inventory levels and costs. Because these are subject to many factors beyond management's control, estimated interim results are subject to change in the final year-end LIFO inventory valuation.