Inventories

Inventories are valued at the lower of first-in, first-out (“FIFO”) cost or market. Cost includes applicable material, labor and overhead. Inventories consisted of the following:



	June 30, 2016		December 31, 2015
Raw materials	$	45,019	$	52,647
Work in process	7,660		8,776
Finished goods	14,298		14,235
	$	66,977	$	75,658

Inventories on-hand are regularly reviewed and, where necessary, provisions for excess and obsolete inventory are recorded based primarily on our estimated production requirements which reflect expected market volumes. Excess and obsolete provisions may vary by product depending upon future potential use of the product.