2. INVENTORIES

Inventories valued on a LIFO basis (steel) would have been approximately $1.6 million and $1.4 million higher at June 30, 2015 and 2014, respectively, if they had been valued on a FIFO basis. At June 30, 2015 and 2014 the total value of LIFO inventory was $2.6 million and $2.7 million, respectively. There was no material liquidation of LIFO inventory in 2015, 2014, or 2013. A comparison of inventories is as follows:



(in thousands)	June 30,
	2015		2014
Raw materials	$	12,663	$	11,603
Work in process and finished parts		5,772		5,470
Finished goods		95,407		80,867
Total	$	113,842	$	97,940