Inventories

Inventories consist of:



	December 31, 2019		September 30, 2019
Raw materials and supplies	$	4,387	$	4,512
Work-in-process	3,617		2,721
Finished goods	4,242		3,276
Total inventories	$	12,246	$	10,509

For a portion of the Company's inventory, cost is determined using the last-in, first-out ("LIFO") method. Approximately 33% and 27% of the Company’s inventories at December 31, 2019 and September 30, 2019, respectively, use the LIFO method to value its inventories. An actual valuation of inventory under the LIFO method is made at the end of each fiscal year based on the inventory levels and costs existing at that time. Accordingly, interim LIFO calculations must be based on management’s estimates of expected year-end inventory levels and costs. Because the actual results may vary from these estimates, calculations are subject to many factors beyond management’s control, annual results may differ from interim results as they are subject to adjustments based on the differences between the estimates and the actual results. The first-in, first-out (“FIFO”) method is used for the remainder of the inventories, which are stated at the lower of cost or net realizable value. If the FIFO method had been used for the inventories for which cost is determined using the LIFO method, inventories would have been $8,318 and $8,296 higher than reported at December 31, 2019 and September 30, 2019, respectively.