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Inventories (Tables)
 3 Months Ended
Mar. 31, 2021
Inventories [Abstract]  
Impact of Change in Method of Accounting for Inventory on Financial Statements
The Company applied this change retrospectively to all prior periods presented. This change resulted in a $4.5 million increase in Accumulated earnings as of December 31, 2020, from $12.1 million to $16.6 million and a $4.3 million decrease in Accumulated deficit as of December 31, 2019, from $15.3 million to $11.0 million. In addition, the following financial statement line items in the Company’s Consolidated Balance Sheets as of December 31, 2020 and its Consolidated Statements of Income and Consolidated Statements of Cash Flows for the three months ended March 31, 2020 were adjusted as follows:

Consolidated Statement of Income
  
For the three months ended March 31, 2020
  
   
As Originally Reported
    
Effect of Change (a)
    
As Adjusted
  
Cost of sales
  
$
49,258
    
$
-
    
$
49,258
  
Income before income taxes
  
$
4,221
    
$
-
    
$
4,221
  
Income tax expense
  
$
946
    
$
-
    
$
946
  
Net income attributable to Turning Point Brands, Inc.
  
$
3,275
    
$
-
    
$
3,275
  
Earnings per common share:
                        
Basic
  
$
0.17
    
$
-
    
$
0.17
  
Diluted
  
$
0.16
    
$
-
    
$
0.16
  

Consolidated Balance Sheets
  
December 31, 2020
  
   
As Originally Reported
    
Effect of Change
    
As Adjusted
  
Inventories
  
$
79,750
    
$
6,106
    
$
85,856
  
Deferered income taxes
  
$
4,082
    
$
1,584
    
$
5,666
  
Accumulated earnings (deficit)
  
$
12,058
    
$
4,522
    
$
16,580
  

Consolidated Statement of Cash Flows
  
For the three months ended March 31, 2020
  
   
As Originally Reported
    
Effect of Change (a)
    
As Adjusted
  
Consolidated net income
  
$
3,275
    
$
-
    
$
3,275
  
Deferred income taxes
  
$
545
    
$
-
    
$
545
  
Inventories
  
$
1,784
    
$
-
    
$
1,784
  

(a)
There was no LIFO impact for the three months ended March 31, 2020.
Inventories
The components of inventories are as follows:

  
March 31,
2021
    
December 31,
2020
  
Raw materials and work in process
  
$
7,519
    
$
8,137
  
Leaf tobacco
    
41,707
      
32,948
  
Finished goods - Zig-Zag Products
    
21,477
      
14,903
  
Finished goods - Stoker’s Products
    
9,777
      
9,727
  
Finished goods - NewGen products
    
16,668
      
18,916
  
Other
    
1,203
      
1,225
  
Inventory
  
$
98,351
    
$
85,856