4. INVENTORIES

9 Months Ended

Sep. 30, 2015

Inventory Disclosure [Abstract]

4. INVENTORIES

Inventories consisted primarily of bulk ethanol, corn, co-products and unleaded fuel, and are valued at the lower-of-cost-or-market, with cost determined on a first-in, first-out basis. Inventory balances consisted of the following (in thousands):

	September 30, 2015		December 31, 2014
Finished goods	$	31,554	$	11,118
Raw materials		8,213		2,695
Work in progress		7,055		3,274
Other		1,416		1,463
Total	$	48,238	$	18,550