INVENTORY

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



	December 31,
	2017		2016
Raw materials	$	97,577	$	76,811
Work-in-process	50,695		40,556
Finished goods	200,395		138,039
Total	$	348,667	$	255,406

The valuation of LIFO 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 inventory levels and costs may differ from interim LIFO inventory valuations. At December 31, 2017 and 2016, approximately 32% and 40% of total inventories, respectively, were valued using the LIFO method. The excess of current cost over LIFO cost was $68,641 at December 31, 2017 and $61,329 at December 31, 2016.