Note 2 – Inventories

(In thousands)	2011			2010

Raw materials and supplies	$	42,281		$	47,737
Work-in-process		38,420			34,784
Finished goods		143,648			131,921
Valuation reserves		(5,156	)		(4,550	)

Inventories	$	219,193		$	209,892

Inventories valued using the LIFO method totaled $15.1 million at December 31, 2011 and $21.2 million at December 25, 2010. At December 31, 2011 and December 25, 2010, the approximate FIFO cost of such inventories was $101.2 million and $126.8 million, respectively. Additionally, the Company valued certain inventories purchased for resale on an average cost basis. The values of those inventories were $44.9 million at December 31, 2011 and $36.4 million at December 25, 2010.

During 2011, inventory quantities valued using the LIFO method declined which resulted in liquidation of LIFO inventory layers. This liquidation resulted from intercompany sales; therefore the gain from the LIFO liquidation of approximately $8.0 million was deferred. The deferred gain will decrease cost of sales in the future period that the inventory is sold to third parties.

At December 31, 2011, the FIFO value of inventory consigned to others was $2.9 million compared with $2.6 million at the end of 2010.