INVENTORIES.

6 Months Ended

Jun. 30, 2020

Inventory Disclosure [Abstract]

INVENTORIES.

4. INVENTORIES.

Inventories consisted primarily of bulk high quality alcohol, ethanol, 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 $0 and $1,290,000 valuation adjustment as of June 30, 2020 and December 31, 2019, respectively. Inventory balances consisted of the following (in thousands):

	June 30, 2020		December 31, 2019
Finished goods	$	28,810	$	38,194
Work in progress		3,018		7,426
Raw materials		6,655		7,890
Low-carbon and RIN credits		6,443		5,690
Other		1,400		1,400
Total	$	46,326	$	60,600