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INVENTORIES
 6 Months Ended
Jul. 02, 2016
Inventory Disclosure [Abstract]  
INVENTORIES

NOTE 3 - INVENTORIES

 

Inventories are valued using the last-in, first-out (LIFO) method. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs existing at that time. Accordingly, interim LIFO calculations must necessarily be based on management's estimates of expected year-end inventory levels and costs. Because these are subject to many factors beyond management's control, interim results are subject to the final year-end LIFO inventory valuation.

 

Inventories consist of the following:

 

   July 2, 2016   December 31, 2015 
Inventory at FIFO          
Finished products  $15,795   $16,637 
Materials and work in process   68,818    64,641 
Gross inventories   84,613    81,278 
Less:  LIFO reserve   (43,260)   (42,061)
Less:  excess and obsolescence reserve   (2,570)   (2,118)
Net inventories  $38,783   $37,099