INVENTORIES.

3 Months Ended

Mar. 31, 2020

Inventory Disclosure [Abstract]

INVENTORIES.

4. INVENTORIES.

Inventories consisted primarily of bulk ethanol, specialty alcohols, corn, co-products, low-carbon and Renewable Identification Number ("RIN") credits and unleaded fuel, and are valued at the lower-of-cost-or-net realizable value, with cost determined on a first-in, first-out basis. Inventory is net of a $5,514,000 and $1,290,000 valuation adjustment as of March 31, 2020 and December 31, 2019, respectively. Inventory balances consisted of the following (in thousands):

	March 31, 2020		December 31, 2019
Finished goods	$	29,892	$	38,194
Work in progress		3,509		7,426
Raw materials		6,457		7,890
Low-carbon and RIN credits		4,274		5,690
Other		1,400		1,400
Total	$	45,532	$	60,600