Phillip Company reported the following information for 2014 and 2015: 2014 2015 Raw material $126,176 $124,814 Work-in-process $40,210 $46,415 Finished goods $121,270 $113,050 $289,658 $286,282 Inventory is valued, at the lower of cost or market, on the LIFO basis. At December 31, 2014 and 2015, the inventory amounts are $32,100 and $33,500 below current replacement cost (FIFO).