Inventories

9 Months Ended

Sep. 30, 2022

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 consist of the following:

	September 30,		December 31,
	2022		2021
Raw materials	$	123,052	$	107,034
Work-in-progress		6,206		9,755
Finished goods		21,446		21,326
Total inventories, net	$	150,704	$	138,115

Inventory valued using the FIFO method was $138,882 and $127,939 at September 30, 2022 and December 31, 2021, respectively. Inventory valued using the average cost method was $11,822 and $10,176 at September 30, 2022 and December 31, 2021, respectively.