2.16 The following information is available for Chemco Inc's inventories as of June 30, 2015: 160 (in Thousands) 2015 2014 Finished goods $382,925 $303,249 Work in process 76,524 60,588 Raw materials and supplies 72.246 49.844 hventories at current cost 531,695 413,681 Less LFO valuation (83.829 (88.368) Total inventories $447,886 $325,313 We used the LIFO method of valuing our inventories for approximately 40% and 44% of total inventories at June 30, 2015 and 2014, respectively. a. What method of inventory is used for the other 60% and 56% of total inventories? b. Explain the meaning of each of the numbers listed in the table