Inventories

9 Months Ended

Jun. 30, 2022

Inventories consist of:


	June 30, 2022		September 30, 2021
Raw materials and supplies	$	4,285	$	4,111
Work-in-process	4,189		3,560
Finished goods	4,041		4,875
Total inventories	$	12,515	$	12,546

For a portion of the Company's inventory, cost is determined using the last-in, first-out ("LIFO") method. Approximately 42% and 39% of the Company’s inventories at June 30, 2022 and September 30, 2021, respectively, use the LIFO method. 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, and calculations are subject to many factors beyond management’s control, the 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 $9,796 and $9,210 higher than reported at June 30, 2022 and September 30, 2021, respectively.