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INVENTORY

12 Months Ended

Dec. 31, 2022

INVENTORY

INVENTORY

NOTE 16 – INVENTORY

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

​	​	​	​	​	​	​
​		​	​	​	​	​
​		December 31, 2022			December 31, 2021
Raw materials	​	$	181,076	​	$	143,394
Work-in-process	​		164,778	​		97,834
Finished goods	​		319,597	​		298,691
Total	​	$	665,451	​	$	539,919

​

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,

2022 and 2021, approximately 38% and 36% of total inventories, respectively, were valued using the LIFO method. The excess of current cost over LIFO cost was $133,909 at December 31, 2022 and $114,176 at December 31, 2021.

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- References

No definition available.

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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

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