INVENTORY

12 Months Ended

Dec. 31, 2021

INVENTORY

INVENTORY

NOTE 17 – INVENTORY

Inventories in the Consolidated Balance Sheet is comprised of the following components:

	December 31, 2021		December 31, 2020
Raw materials	$	143,394	$	111,888
Work-in-process		97,834		60,341
Finished goods		298,691		209,029
Total	$	539,919	$	381,258

The valuation of LIFO inventories is made at the end of each year based on inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs. Actual year-end inventory levels and costs may differ from interim LIFO inventory valuations. At December 31, 2021 and 2020, approximately 36% and 35% of total inventories, respectively, were valued using the LIFO method. The excess of current cost over LIFO cost was $114,176 at December 31, 2021 and $75,581 at December 31, 2020.