NOTE 4 – INVENTORIES:


	2016		2015
Raw materials	$	23,964	$	18,314
Work-in-progress		29,198		21,583
Finished goods		20,046		9,897
Supplies		10,371		9,940
	$	83,579	$	59,734

At December 31, 2016 and 2015, approximately 45% and 60%, respectively, of the inventories were valued using the LIFO method. The LIFO reserve approximated $(15,139) and $(24,647) at December 31, 2016 and 2015, respectively. During each of the years, inventory quantities decreased for various locations resulting in a liquidation of LIFO layers which were at lower costs. The effect of the liquidations was to decrease costs of products sold (excluding depreciation and amortization) by approximately $936, $216 and $2,196 for 2016, 2015 and 2014, respectively, which reduced net loss by approximately $936 or $0.08 per common share for 2016, increased net income by approximately $141 or $0.01 per common share for 2015, and reduced net loss by approximately $1,427 or $0.14 per common share for 2014.