(3) Inventories

The following table summarizes the components of inventories at the different stages of production for the fiscal years ended (in thousands):


	2014		2013
Raw material	$	16,400	$	14,470
Work-in-process		14,386		11,238
Finished goods		99,309		83,990

	$	130,095	$	109,698

The excess of current costs at FIFO over LIFO stated values was approximately $5.0 million for both fiscal years ended 2014 and 2013. During both fiscal year 2014 and 2013, as inventory quantities were reduced, this resulted in a liquidation of LIFO inventory quantities carried at lower costs prevailing in prior years as compared with the cost of fiscal year 2013 and 2012. The effect decreased cost of sales by approximately $25,000 and $0.4 million and increased net earnings by approximately $16,000 and $0.3 million for fiscal years 2014 and 2013, respectively. There were no significant liquidations of LIFO inventories during the fiscal year ended 2012. Cost includes materials, labor and overhead related to the purchase and production of inventories.