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INVENTORIES

12 Months Ended

Dec. 31, 2014

NOTE 2 INVENTORIES

At December 31, 2014 and 2013, approximately 19% and 20%, respectively, of the total inventories are accounted for by the LIFO method. Inventories, by component, consisted of:



	2014		2013

Raw materials	$	108,618	$	114,359
Work in process		94,414		108,924
Finished goods		115,809		137,591

Total		318,841		360,874
Less LIFO reserve		(7,769)		(7,715)

Total	$	311,072	$	353,159

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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