3.	INVENTORIES

Inventory costs include materials, labor and factory overhead. Inventories are stated at the lower of cost or market (net realizable value), determined on a first-in, first-out basis. Appropriate consideration is given to obsolescence, valuation and other factors in determining net realizable value. Revisions of these factors could result in the need for adjustments. Inventories, net of reserves, at June 30, 2016 and December 31, 2015 consisted of the following:

	June 30, 2016		December 31, 2015
Chassis	$	7,490	$	8,048
Raw materials		31,192		28,328
Work in process		12,851		10,850
Finished goods		17,744		19,006
	$	69,277	$	66,232