Inventories

9 Months Ended

Sep. 30, 2021

Inventories [Abstract]

Inventories

(4) Inventories

Inventories are valued at the lower of cost (using either the first-in, first-out (“FIFO”) or average cost methods) or net realizable value. The Company evaluates and adjusts as necessary its excess and obsolescence reserve on a quarterly basis. Excess inventories are quantities of items that exceed anticipated sales or usage for a reasonable period. The Company has guidelines for calculating provisions for excess inventories based on the number of months of inventories on-hand compared to anticipated sales or usage. Management uses its judgment to forecast sales or usage and to determine what constitutes a reasonable period. Inventory cost includes material, labor and overhead. Inventories consisted of the following:

	September 30,		December 31,
	2021		2020
Raw materials	$	97,332	$	67,775
Work-in-progress		8,579		7,005
Finished goods		18,830		15,768
Total inventories, net	$	124,741	$	90,548

Inventory valued using the FIFO method was $112,605 and $82,308 at September 30, 2021 and December 31, 2020, respectively. Inventory valued using the average cost method was $12,136 and $8,240 at September 30, 2021 and December 31, 2020, respectively.