Inventories

6 Months Ended

Jun. 30, 2020

Inventories [Abstract]

Inventories

(4) Inventories

Inventories are valued at the lower of cost (using either the first-in, first-out (“FIFO”) or average cost methods) or net realizable value. The Company evaluates and adjusts as necessary its excess and obsolescence reserve on a quarterly basis. Excess inventories are quantities of items that exceed anticipated sales or usage for a reasonable period. The Company has guidelines for calculating provisions for excess inventories based on the number of months of inventories on-hand compared to anticipated sales or usage. Management uses its judgment to forecast sales or usage and to determine what constitutes a reasonable period. Inventory cost includes material, labor and overhead. Inventories consisted of the following:

	June 30,		December 31,
	2020		2019
Raw materials	$	72,316	$	66,357
Work-in-progress		6,410		5,582
Finished goods		18,207		21,510
Total inventories, net	$	96,933	$	93,449

Inventory valued using the FIFO method was $86,694 and $82,910 at June 30, 2020 and December 31, 2019, respectively. Inventory valued using the average cost method was $10,239 and $10,539 at June 30, 2020 and December 31, 2019, respectively.