Inventories

12 Months Ended

Sep. 30, 2022

Inventories at September 30 consist of:


	2022		2021
Raw materials and supplies	$	2,968	$	4,111
Work-in-process	3,356		3,560
Finished goods	2,645		4,875
Total inventories	$	8,969	$	12,546

If the FIFO method had been used for the entire Company, inventories would have been $9,939 and $9,210 higher than reported at September 30, 2022 and 2021, respectively. LIFO expense was $729 in fiscal 2022 and $924 in fiscal 2021.

In fiscal 2022, results showed a reduction of inventory resulting in liquidations of LIFO inventory quantities. The estimated liquidation of LIFO inventory quantities results in a projected increase in cost of goods sold of approximately $180 during fiscal 2022. These inventories were carried in prior periods at the then prevailing costs, which were accurate at the time, but differ from the current manufacturing cost and/or material costs. There was $156 of LIFO liquidation in fiscal 2021.

For the portion of the Company's inventory not valued at LIFO, inventory is valued at FIFO and stated at the lower of cost or net realizable value. The Company wrote down inventory to net realizable value by $1,538 and $325 for the years ended September 30, 2022 and 2021, respectively.

The Company did not have a significant write down for obsolete and excess inventory for the years ended September 30, 2022 and 2021.

The allocation of production costs to inventory are based on a normal range of capacity in production. The amount of cost allocated to each unit of production is not increased as a consequence of low production or idle capacity. As a result, the Company recorded idle cost of $3,087 and $2,126 for years ended September 30, 2022 and 2021, respectively.