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INVENTORY | 12 Months Ended
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Dec. 31, 2023
INVENTORY |
INVENTORY | NOTE 16 – INVENTORY Inventories in the Consolidated Balance Sheet is comprised of the following components:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2023 |  | December 31, 2022
Raw materials | ​ | $ | 160,809 | ​ | $ | 181,076
Work-in-process | ​ |  | 125,756 | ​ |  | 164,778
Finished goods | ​ |  | 276,299 | ​ |  | 319,597
Total | ​ | $ | 562,864 | ​ | $ | 665,451
​ 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, 2023 and 2022, approximately 37% and 38% of total inventories, respectively, were valued using the LIFO method. The excess of current cost over LIFO cost was $129,946 at December 31, 2023 and $133,909 at December 31, 2022, or a benefit of $3,963 in 2023 as compared with charges of $19,733 in 2022.

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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 -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//330/tableOfContent + Details
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