5. INVENTORIES

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



		March 31,		December 31,
		2017		2016

Finished goods	$	44,970	$	46,673
Work-in-process		22,449		21,716
Raw materials		18,299		18,032
Total inventories at current costs		85,718		86,421
Less: LIFO reserve		(3,167)		(3,178)
	$	82,551	$	83,243

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 net realizable value, 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.