Inventories

6 Months Ended

Jun. 27, 2020

The components of inventories are as follows:


	At June 27, 2020		At December 31, 2019
Finished goods	$	1,377,173	1,610,742
Work in process	117,588		144,639
Raw materials	427,287		526,947
Total inventories	$	1,922,048	2,282,328

Inventories are stated at the lower of cost or market (net realizable value). Cost has been determined using the first-in first-out method (“FIFO”). Costs included in inventory include raw materials, direct and indirect labor and employee benefits, depreciation, general manufacturing overhead and various other costs of manufacturing. Market, with respect to all inventories, is replacement cost or net realizable value. Inventories on hand are compared against anticipated future usage, which is a function of historical usage, anticipated future selling price, expected sales below cost, excessive quantities and an evaluation for obsolescence. Actual results could differ from assumptions used to value obsolete inventory, excessive inventory or inventory expected to be sold below cost.