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INVENTORY VALUATION
3 Months Ended
Mar. 31, 2017
Inventory Disclosure [Abstract]  
INVENTORY VALUATION
INVENTORY
Inventories in the Consolidated Balance Sheet is comprised of the following components:
 
March 31, 2017
 
December 31, 2016
Raw materials
$
79,604

 
$
76,811

Work-in-process
54,291

 
40,556

Finished goods
147,355

 
138,039

Total
$
281,250

 
$
255,406


The valuation of last-in, first-out ("LIFO") method inventories is made at the end of each year based on inventory levels and costs at that time.  Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs.  Actual year-end costs and inventory levels may differ from interim LIFO inventory valuations.  The excess of current cost over LIFO cost was $63,011 at March 31, 2017 and $61,329 at December 31, 2016.