Inventories.

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

INVENTORIES.

4. INVENTORIES.

Inventories consisted primarily of bulk ethanol, specialty alcohols, corn, essential ingredients 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 $1,033,000 valuation adjustment as of December 31, 2020. Inventory balances consisted of the following (in thousands):

	March 31, 2021		December 31, 2020
Finished goods	$	39,654	$	25,154
Work in progress		4,965		4,333
Raw materials		9,233		7,074
Other		1,364		1,364
Total	$	55,216	$	37,925