Inventories

Inventories valued at LIFO cost represented 56% and 55% of total inventory at March 31, 2014 and December 31, 2013, respectively. The excess of current cost over LIFO valued inventories was $9,483,000 at March 31, 2014 and December 31, 2013. Inventory obsolescence reserves were $8,495,000 at March 31, 2014 and $8,596,000 at December 31, 2013. The decrease in reserve for obsolescence resulted from the Company's quarterly review in the normal course of business. Net inventories consist of the following:



(in thousands)	March 31, 2014			December 31, 2013

Finished goods		$	97,904		$	84,548
Work in process		11,354			9,906
Raw materials		14,674			14,650
		$	123,932		$	109,104

An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO must necessarily be based, to some extent, on management's estimates at each quarter end.