4.	INVENTORIES

Inventories, at LIFO (last-in, first-out) value, consist of the following (in thousands):


	June 30, 2015			December 31, 2014
Finished goods	$	29,654		$	32,756
Raw materials		14,271			16,290

Total FIFO (first-in, first-out) inventories		43,925			49,046
Reserve to adjust inventories to LIFO value		(25,299	)		(25,299	)

Total LIFO inventories	$	18,626		$	23,747

The Company utilizes the last-in, first-out (“LIFO”) method of accounting for inventory, which generally provides matching of current costs with current revenues. However, under the LIFO method, reductions in annual inventory balances cause a portion of the Company’s cost of sales to be based on historical costs rather than current year costs (“LIFO liquidation”). Reductions in interim inventory balances expected to be replenished by year-end do not result in a LIFO liquidation. Accordingly, interim LIFO calculations are based, in part, on management’s estimates of expected year-end inventory levels and costs which may differ from actual results. There were no LIFO inventory liquidations or related impact on cost of sales in the six months ended June 30, 2015 or 2014.