Inventories

Inventories are valued at the lower of first-in, first-out cost or market and are measured at the lower of cost or net realizable value. Cost includes applicable material, labor and overhead. Inventories consisted of the following:



	March 31, 2020		December 31, 2019
Raw materials	$	58,367	$	57,742
Work in process	13,629		12,612
Finished goods	12,463		12,518
	$	84,459	$	82,872

Inventories on-hand are regularly reviewed and, when necessary, provisions for excess and obsolete inventory are recorded based primarily on our estimated production requirements, which reflect expected market volumes. Excess and obsolete provisions may vary by product depending upon future potential use of the product.