Inventories.

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

INVENTORIES.

4. INVENTORIES.

Inventories consisted primarily of bulk specialty alcohols, fuel-grade 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 $32,000 and $1,290,000 valuation adjustment as of September 30, 2020 and December 31, 2019, respectively. Inventory balances consisted of the following (in thousands):

	September 30, 2020		December 31, 2019
Finished goods	$	23,179	$	38,194
Work in progress		2,503		7,426
Raw materials		6,873		7,890
Low-carbon and RIN credits		3,751		5,690
Other		1,400		1,400
Total	$	37,706	$	60,600