INVENTORIES



(Dollars in thousands)	2015		2014
Logs	$	9,920	$	7,930
Wood products finished goods	16,932		17,286
Materials and supplies	8,310		6,274
	$	35,162	$	31,490
Valued at lower of cost or market:
Last-in, first-out basis	$	16,686	$	16,874
Average cost basis	18,476		14,616
Total inventories	$	35,162	$	31,490

If the last-in, first-out inventory had been carried at average cost, the values would have been approximately $10.6 million, $11.0 million, and $11.3 million higher at December 31, 2015, 2014, and 2013, respectively.