Inventories

Inventories consisted of the following (in thousands):



	June 30, 2016			March 31, 2016
At cost - FIFO basis:
Raw materials	$	72,858		$	74,968
Work-in-process	19,515			18,877
Finished goods	41,489			41,517
Total at cost FIFO basis	133,862			135,362
LIFO cost less than FIFO cost	(14,987		)	(17,313		)
Net inventories	$	118,875		$	118,049

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.