Inventories

Inventories valued at LIFO cost represented 60% and 56% of total inventory at June 30, 2013 and December 31, 2012, respectively. The excess of current cost over LIFO valued inventories was $8,975,000 at June 30, 2013 and December 31, 2012. Inventory obsolescence reserves were $8,502,000 at June 30, 2013 and $9,099,000 at December 31, 2012. The decrease in reserve for obsolescence resulted from the Company's quarterly review in the normal course of business. Net inventories consist of the following:



(in thousands)	June 30, 2013			December 31, 2012

Finished goods		$	95,974		$	93,095
Work in process		10,175			7,922
Raw materials		14,829			7,741
		$	120,978		$	108,758

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.