Inventories

Inventories valued at LIFO cost represented 41% and 37% of total inventory at March 31, 2015 and December 31, 2014, respectively. The excess of current cost over LIFO valued inventories was $10,230,000 at March 31, 2015 and December 31, 2014. Inventory obsolescence reserves were $7,700,000 at March 31, 2015 and $7,601,000 at December 31, 2014. The increase 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)	March 31, 2015			December 31, 2014

Finished goods		$	114,748		$	112,197
Work in process		19,932			18,635
Raw materials		35,614			35,256
		$	170,294		$	166,088

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.