Inventories

Inventories are valued at the lower of first-in, first-out cost or net realizable value. Cost includes applicable material, labor and overhead. Inventories consisted of the following:



	June 30, 2019		December 31, 2018
Raw materials	$	67,574	$	66,965
Work in process	12,347		12,333
Finished goods	12,992		13,061
	$	92,913	$	92,359

Inventory quantities on-hand are regularly reviewed and, when necessary, provisions for excess and obsolete inventory are recorded based primarily on our estimated production requirements, taking into consideration expected market volumes and future potential use. Excess and obsolete provisions may vary by product depending upon future potential use of the product.