INVENTORIES

We used the last-in, first-out (LIFO) method of valuing inventories for 45 percent and 44 percent of total inventories at September 30, 2016 and June 30, 2016, respectively. Since inventory valuations under the LIFO method are based on an annual determination of quantities and costs as of June 30 of each year, the interim LIFO valuations are based on our projections of expected year-end inventory levels and costs. Therefore, the interim financial results are subject to any final year-end LIFO inventory adjustments.

Inventories consisted of the following:



(in thousands)	September 30, 2016			June 30, 2016
Finished goods	$	290,530		$	284,054
Work in process and powder blends	153,944			166,274
Raw materials	72,623			68,472
Inventories at current cost	517,097			518,800
Less: LIFO valuation	(57,801		)	(59,970		)
Total inventories	$	459,296		$	458,830