INVENTORIES

We used the last-in, first-out (LIFO) method of valuing inventories for 41 percent and 43 percent of total inventories at September 30, 2017 and June 30, 2017, respectively. Since inventory valuations under the LIFO method are based on an annual determination of quantities and costs as of June 30 of each year, the interim LIFO valuations are based on our projections of expected year-end inventory levels and costs. Therefore, the interim financial results are subject to any final year-end LIFO inventory adjustments.

Inventories consisted of the following:



(in thousands)	September 30, 2017			June 30, 2017
Finished goods	$	298,266		$	290,817
Work in process and powder blends	190,638			166,857
Raw materials	86,072			87,627
Inventories at current cost	574,976			545,301
Less: LIFO valuation	(60,256		)	(57,620		)
Total inventories	$	514,720		$	487,681