6. Inventories

Inventories used in determining cost of sales were as follows (in thousands of dollars):

	September 30,		December 31,
	2011		2010
Gross inventories @ FIFO:
Finished goods	$	8,958	$	7,757
Work in progress		35,266		26,680
Raw materials & component parts		127,491		99,440
Maintenance, tooling & supplies		16,057		14,156
Total gross inventories @ FIFO		187,772		148,033
Less reserves:
LIFO		33,864		28,776
Valuation		2,565		2,383
Total inventories as reported	$	151,343	$	116,874

Gross inventories on a first in, first out (“FIFO”) basis before adjustments for reserves shown above that were accounted for on a last in, first out (“LIFO”) basis were $107.6 million and $80.9 million at September 30, 2011 and December 31, 2010, respectively.