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 March 31, 2017 and December 31, 2016 consisted of the following:

	March 31, 2017		December 31, 2016
Chassis	$	5,836	$	8,524
Raw materials		29,360		26,322
Work in process		12,039		11,620
Finished goods		20,326		17,670
	$	67,561	$	64,136