Inventories

Inventories valued at LIFO cost represented 41% and 37% of total inventory at June 30, 2015 and December 31, 2014, respectively. The excess of current cost over LIFO valued inventories was approximately $10,230,000 at June 30, 2015 and December 31, 2014. 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. Net inventories consist of the following:



(in thousands)	June 30, 2015			December 31, 2014

Finished goods		$	128,047		$	112,197
Work in process		19,729			18,635
Raw materials		27,664			35,256
		$	175,440		$	166,088

Inventory obsolescence reserves were $7,404,000 at June 30, 2015 and $7,601,000 at December 31, 2014. The decrease in reserve for obsolescence resulted from the Company's quarterly review in the normal course of business.