Inventories

Inventories consisted of the following (in thousands):



	September 30, 2016			March 31, 2016
At cost - FIFO basis:
Raw materials	$	72,303		$	74,968
Work-in-process	21,089			18,877
Finished goods	38,528			41,517
Total at cost FIFO basis	131,920			135,362
LIFO cost less than FIFO cost	(15,728		)	(17,313		)
Net inventories	$	116,192		$	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.