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INVENTORIES
3 Months Ended
Mar. 30, 2019
Inventory Disclosure [Abstract]  
INVENTORIES

NOTE 4 - 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:

 

   March 30, 2019   December 31, 2018 
Inventory at FIFO          
Finished products  $21,430   $17,313 
Materials and work in process   64,932    62,975 
Gross inventories   86,362    80,288 
Less:  LIFO reserve   (46,944)   (46,341)
Less:  excess and obsolescence reserve   (2,936)   (2,527)
Net inventories  $36,482   $31,420