Inventories

3 Months Ended

Mar. 28, 2020

Inventories

Inventories

(4) Inventories

Inventories are stated at the lower of cost or net realizable value and include direct material, direct labor, overhead, warehousing and product transfer costs. Cost is determined using the first-in, first-out and average cost methods. Inventories have been reduced by an allowance for excess, obsolete and unsaleable inventories. The allowance is an estimate based on management’s review of inventories on hand compared to estimated future usage and sales.

Inventories consist of the following, as of the dates indicated (in thousands):

	March 28, 2020		December 28, 2019
Raw materials and packaging	$	61,407	$	65,673
Work-in-process		72,894		111,866
Finished goods		264,888		294,648
Inventories	$	399,189	$	472,187