INVENTORIES

We used the last-in, first-out (LIFO) method of valuing inventories for 45 percent and 44 percent of total inventories at March 31, 2017 and June 30, 2016, respectively. Since inventory valuations under the LIFO method are based on an annual determination of quantities and costs as of June 30 of each year, the interim LIFO valuations are based on our projections of expected year-end inventory levels and costs. Therefore, the interim financial results are subject to any final year-end LIFO inventory adjustments.

Inventories consisted of the following:



(in thousands)	March 31, 2017			June 30, 2016
Finished goods	$	286,990		$	284,054
Work in process and powder blends	168,354			166,274
Raw materials	90,389			68,472
Inventories at current cost	545,733			518,800
Less: LIFO valuation	(55,521		)	(59,970		)
Total inventories	$	490,212		$	458,830