Inventories, Net

12 Months Ended

Dec. 31, 2023

9. Inventories, Net:

Inventories, net are classified and valued as follows:


	December 31,
	2023		2022
Finished products and work in process	$	41,658	$	39,909
Raw materials	3,457		4,453
	$	45,115	$	44,362

Valued at lower of cost or market:
LIFO basis	$	24,815	$	25,258
Valued at lower of cost and net realizable value:
FIFO or average cost basis	20,300		19,104
	$	45,115	$	44,362

The domestic inventory acquired as part of a previous business combination is valued based on the LIFO method. Therefore, the fair value allocated to the acquired LIFO inventory was treated as the new base inventory value. If inventories valued under the LIFO basis had been valued using the FIFO method, inventories would have been $3,529 and $7,002 lower than reported as of December 31, 2023 and 2022, respectively, driven primarily by the purchase accounting fair value step-up of the LIFO inventory base value associated with the business combination.