Inventories

Inventories valued at LIFO cost represented 63% of total inventory at September 30, 2011 and December 31, 2010. The excess of current cost over LIFO valued inventories was $7,654,000 at September 30, 2011 and December 31, 2010. Inventory obsolescence reserves were $8,048,000 at September 30, 2011 and $7,506,000 at December 31, 2010. The increase in reserve for obsolescence was from the Company's quarterly review in the normal course of business. Net inventories consist of the following:



(in thousands)	September 30, 2011			December 31, 2010

Finished goods		$	93,712		$	80,102
Work in process		11,647			9,857
Raw materials		10,778			9,345
		$	116,137		$	99,304

An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO must necessarily be based, to some extent, on management's estimates at each quarter end.