Inventories at LIFO value consist of the following as of December 31 (in thousands):


	2022			2021
Finished goods	$	107,114		$	58,401
Raw materials		69,292			56,441

Total FIFO inventories		176,406			114,842
Reserve to adjust inventories to LIFO value		(35,051	)		(36,467	)

Total LIFO inventories	$	141,355		$	78,375

Inventory related to Trex Residential composite decking and railing products is stated at the lower of LIFO cost or market. The Company periodically reviews its inventory for slow moving or obsolete items and writes down the related products to estimated market.

Under the LIFO method, reductions in inventory cause a portion of the Company’s cost of sales to be based on historical costs rather than current year costs. There was no inventory reduction during 2022 or 2021.

Inventories valued at lower of cost (FIFO method) and net realizable value as of December 31, 2021, were $5.4 million consisting primarily of raw materials. The Company utilized the FIFO method of accounting related to its Trex Commercial products.