7. INVENTORIES

Inventories at June 30, 2016 and December 31, 2015 are summarized in the following table:



		June 30,		December 31,
		2016		2015

Finished goods	$	60,185	$	62,547
Work-in-process		20,252		20,178
Raw materials		20,009		19,492
Total inventories at current costs		100,446		102,217
Less: LIFO reserve		(5,296)		(5,821)
	$	95,150	$	96,396

Inventory is generally valued at the lower of last-in, first-out (“LIFO”) cost or market. Other inventories of the Company are valued at average cost or market, whichever is lower. An actual valuation of inventory under the LIFO method is made at the end of each year based on the inventory levels and costs at that time. Interim LIFO calculations are based on management’s estimates of expected year-end levels and costs.