2. INVENTORIES

The Company values inventory at the lower of cost or net realizable value. Raw steel is valued on the last-in, first-out (“LIFO”) method. Other inventories are valued on the first-in, first-out (“FIFO”) method. Inventories valued on the LIFO method would have been approximately $1.3 million and $1.6 million higher at December 31, 2015 and June 30, 2015, respectively, if they had been valued on the FIFO method. At December 31, 2015 and June 30, 2015 the total value of LIFO inventory was $3.7 million and $2.6 million, respectively. A comparison of inventories is as follows:



(in thousands)	December 31,		June 30,
	2015		2015
Raw materials	$	14,311	$	12,663
Work in process and finished parts		7,142		5,772
Finished goods		89,744		95,407
Total	$	111,197	$	113,842