INVENTORIES

9 Months Ended

Sep. 30, 2020

Inventories are stated at the lower of cost (first-in, first-out) or net realizable value. Significant cost elements included in inventory are material, labor, freight, subcontract costs, and manufacturing overhead. As necessary, we adjust inventory to its net realizable value by recording provisions for excess, slow moving and obsolete inventory. We regularly review inventory quantities on hand and values, and compare them to estimates of future product demand, market conditions, production requirements and technological developments.

Inventories consisted of the following:


	September 30, 2020		December 31, 2019
Raw materials	$	28,695	$	26,173
Work-in-process	16,374		12,194
Finished goods	11,587		15,045
Supplies	302		316
	$	56,958	$	53,728