2. INVENTORIES

The Company values inventory at the lower of cost or net realizable value. Steel products are valued on the last-in, first-out (“LIFO”) method. All other inventories are valued on the first-in, first-out (“FIFO”) method. Inventories valued on a LIFO basis (steel) would have been approximately $1.3 million and $1.6 million higher at March 31, 2016 and June 30, 2015, respectively, if they had been valued on the FIFO basis. At March 31, 2016 and June 30, 2015 the total value of LIFO inventory was $3.2 million and $2.6 million, respectively. There has been no material liquidation of LIFO inventory during the nine months ended March 31, 2016 or fiscal year ended June 30, 2015. A comparison of inventories is as follows:



(in thousands)	March 31,		June 30,
	2016		2015
Raw materials	$	12,681	$	12,663
Work in process and finished parts		6,352		5,772
Finished goods		78,286		95,407
Total	$	97,319	$	113,842