Inventory

Inventories at December 31, 2017 and 2016 are summarized in the following table:



	2017			2016
Finished goods	$	55,846		$	46,673
Work-in-process	29,379			21,716
Raw materials	17,505			18,032
Total inventories at current costs	102,730			86,421
Less: LIFO reserve	(5,187		)	(3,178		)
	$	97,543		$	83,243

At December 31, 2017 and 2016, approximately 50% and 53% of the Company’s inventory was valued at the lower of LIFO cost or market. At December 31, 2017 and 2016, the LIFO carrying value of inventories for book purposes exceeded the LIFO value for tax purposes by approximately $10,694 and $8,925, respectively. At December 31, 2017, liquidation of certain LIFO inventory layers carried at costs that were lower than the costs of current purchases resulted in a decrease in cost of goods sold of $16 and at December 31, 2016 and 2015 liquidation of certain LIFO inventory layers carried at costs that were higher than the costs of their current purchases resulted in an increase in cost of goods sold of $1,304 and $115, respectively.