6. Inventories

Inventories were comprised of the following:


In thousands	2011		2010
Raw materials and supplies	$	48,144	$	45,010
Work-in-process		31,685		31,151
Finished goods		29,461		26,285

Inventories	$	109,290	$	102,446

Precious Metals Consignment Arrangement

Jostens is a party to a precious metals consignment agreement with a major financial institution whereby it currently has the ability to obtain up to the lesser of a certain specified quantity of precious metals and $57.0 million in dollar value in consigned inventory. As required by the terms of the agreement, Jostens does not take title to consigned inventory until payment. Accordingly, Jostens does not include the value of consigned inventory or the corresponding liability in its consolidated financial statements. The value of consigned inventory at December 31, 2011 and January 1, 2011 was $32.1 million and $31.5 million, respectively. The agreement does not have a stated term, and it can be terminated by either party upon 60 days written notice. Additionally, Jostens incurred expenses for consignment fees related to this facility of $1.1 million for 2011, $0.9 million for 2010 and $0.6 million for 2009. The obligations under the consignment agreement are guaranteed by Visant.