6. INVENTORY

Inventory consists of the following at October 31:


	2019		2018
Raw materials	$	3,253,361	$	4,508,297
Supplies		3,330,513		2,957,452
Work in process		1,434,552		1,222,251
Finished goods		5,784,599		6,228,809
Totals	$	13,803,025	$	14,916,809

The Company performs a lower of cost or net realizable value analysis on inventory to determine if the market values of certain inventories are less than their carrying value, which is attributable primarily to decreases in market prices of corn and ethanol. Based on the lower of cost or net realizable value analysis, the Company recorded a loss on ethanol and corn inventories, as a component of cost of goods sold, of approximately $547,000 and $47,000, respectively, for the fiscal year ended October 31, 2019. Based on the lower of cost or net realizable value analysis, the Company recorded a loss on ethanol and corn inventories, as a component of cost of goods sold, of approximately $1,205,000 and $139,000, respectively, for the fiscal year ended October 31, 2018.