Note 4 – Inventories

(In thousands)	2016			2015

Raw materials and supplies	$	57,387		$	58,987
Work-in-process		42,227			25,161
Finished goods		149,288			161,410
Valuation reserves		(6,889	)		(6,180	)

Inventories	$	242,013		$	239,378

Inventories valued using the LIFO method totaled $14.4 million at December 31, 2016 and $27.6 million at December 26, 2015. At December 31, 2016 and December 26, 2015, the approximate FIFO cost of such inventories was $76.6 million and $80.7 million, respectively. Additionally, the Company values certain inventories purchased for resale on an average cost basis. The value of those inventories was $43.8 million at December 31, 2016 and $48.8 million at December 26, 2015.

During 2016, inventory quantities valued using the LIFO method declined, which resulted in liquidation of LIFO inventory layers. This liquidation resulted primarily from intercompany sales; therefore $2.5 million of the $3.3 million loss related to the LIFO liquidation was deferred. The deferred loss will increase cost of goods sold in the first quarter of 2017 when the inventory is sold to third parties.

At the end of 2016 and 2015, the FIFO value of inventory consigned to others was $2.5 million and $3.7 million, respectively.