Inventories.

6 Months Ended

Jun. 30, 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 valuation adjustments of $1,800,000 and $1,033,000 as of June 30, 2021 and December 31, 2020, respectively. Inventory balances consisted of the following (in thousands):

	June 30, 2021		December 31, 2020
Finished goods	$	40,497	$	25,154
Work in progress		5,701		4,333
Raw materials		10,788		7,074
Other		1,265		1,364
Total	$	58,251	$	37,925