Note 2 – Inventories

(In thousands)	2013			2012

Raw materials and supplies	$	54,613		$	46,114
Work-in-process		43,796			40,951
Finished goods		159,422			148,014
Valuation reserves		(6,115	)		(5,645	)

Inventories	$	251,716		$	229,434

Inventories valued using the LIFO method totaled $34.9 million at December 28, 2013 and $19.9 million at December 29, 2012. At December 28, 2013 and December 29, 2012, the approximate FIFO cost of such inventories was $117.9 million and $109.8 million, respectively. Additionally, the Company valued certain inventories purchased for resale on an average cost basis. The value of those inventories was $54.7 million at December 28, 2013 and $51.4 million at December 29, 2012.

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. During the first quarter of 2012, the Company sold this inventory to third parties and recognized the gain. This recognition resulted in a reduction of approximately $8.0 million to cost of sales, or $0.13 per diluted share after tax.

At December 28, 2013, the FIFO value of inventory consigned to others was $4.3 million compared with $4.5 million at the end of 2012.