INVENTORIES

3 Months Ended

Mar. 31, 2020

Inventories are stated at the lower of cost (first-in, first-out) or net realizable value. Significant cost elements included in inventory are material, labor, freight, subcontract costs, and manufacturing overhead. As necessary, we adjust inventory to its net realizable value by recording provisions for excess, slow moving and obsolete inventory. We regularly review inventory quantities on hand and values, and compare them to estimates of future product demand, market conditions, production requirements and technological developments.

Inventories consisted of the following:


	March 31, 2020		December 31, 2019
Raw materials	$	26,337	$	26,173
Work-in-process	15,189		12,194
Finished goods	19,562		15,045
Supplies	357		316
	$	61,445	$	53,728