INVENTORY VALUATION

9 Months Ended

Sep. 30, 2017

INVENTORY

Inventories in the Consolidated Balance Sheet is comprised of the following components:



	September 30, 2017		December 31, 2016
Raw materials	$	104,713	$	76,811
Work-in-process	62,901		40,556
Finished goods	222,108		138,039
Total	$	389,722	$	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 $67,185 at September 30, 2017 and $61,329 at December 31, 2016. The increase in total Inventories was primarily the result of the Air Liquide Welding acquisition as discussed in Note 3 to the consolidated financial statements.