Inventories

Inventories are valued at the lower of first-in, first-out (“FIFO”) cost or market. Cost includes applicable material, labor and overhead. Inventories consisted of the following:



	June 30, 2017		December 31, 2016
Raw materials	$	54,440	$	46,352
Work in process	11,709		11,234
Finished goods	14,553		13,468
	$	80,702	$	71,054

Inventories on-hand are regularly reviewed and, when necessary, provisions for excess and obsolete inventory are recorded based primarily on our estimated production requirements which reflect expected market volumes. Excess and obsolete provisions may vary by product depending upon future potential use of the product.