Note 3 – Inventories

(In thousands)	2014			2013

Raw materials and supplies	$	53,586		$	54,613
Work-in-process		39,707			43,796
Finished goods		168,481			159,422
Valuation reserves		(5,189	)		(6,115	)

Inventories	$	256,585		$	251,716

Inventories valued using the LIFO method totaled $25.9 million at December 27, 2014 and $34.9 million at December 28, 2013. At December 27, 2014 and December 28, 2013, the approximate FIFO cost of such inventories was $104.8 million and $117.9 million, respectively. Additionally, the Company valued certain inventories purchased for resale on an average cost basis. The value of those inventories was $47.7 million at December 27, 2014 and $54.7 million at December 28, 2013.

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 seven cents per diluted share after tax for 2012.

At the end of 2014 and 2013, the FIFO value of inventory consigned to others was $4.3 million.