Inventories

12 Months Ended

Sep. 30, 2023

Inventories at September 30 consist of:


	2023		2022
Raw materials and supplies	$	1,684	$	2,968
Work-in-process	4,061		3,356
Finished goods	3,108		2,645
Total inventories	$	8,853	$	8,969

If the FIFO method had been used for the entire Company, inventories would have been $9,634 and $9,939 higher than reported at September 30, 2023 and 2022, respectively. LIFO benefit was $305 in fiscal 2023 and expense of $729 in fiscal 2022.

In fiscal 2023, 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 $1,476 during fiscal 2023. 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 $180 of LIFO liquidation in fiscal 2022.

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 recorded an inventory reserve to adjust to net realizable value of $669 and $1,538 as of September 30, 2023 and 2022, respectively.

The Company recorded an inventory reserve to adjust for obsolete and excess inventory of $3,380 and $3,546 as of September 30, 2023 and 2022.

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 $2,149 and $3,087 for years ended September 30, 2023 and 2022, respectively.