Inventories

3 Months Ended

Mar. 31, 2022

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 valuation adjustment of $249,000 and $0 as of March 31, 2022 and December 31, 2021, respectively. Inventory balances consisted of the following (in thousands):

	March 31, 2022		December 31, 2021
Finished goods	$	38,418	$	35,509
Work in progress		7,185		6,909
Raw materials		11,770		10,837
Other		1,118		1,118
Total	$	58,491	$	54,373