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INVENTORY VALUATION | 9 Months Ended
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Sep. 30, 2020
Inventory Disclosure [Abstract] |
INVENTORY VALUATION | INVENTORIES Inventories in the Condensed Consolidated Balance Sheets are comprised of the following components:
| September 30, 2020 |  | December 31, 2019
Raw materials | $ | 110,590 |  |  | $ | 116,716 |
Work-in-process | 69,501 |  |  | 63,744 |
Finished goods | 216,123 |  |  | 213,288 |
Total | $ | 396,214 |  |  | $ | 393,748 |
At September 30, 2020 and December 31, 2019, approximately 35% and 36%, respectively, of total inventories were valued using the last-in, first-out ("LIFO") method. The excess of current cost over LIFO cost was $76,204 and $75,292 at September 30, 2020 and December 31, 2019, respectively.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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