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Inventories | 3 Months Ended
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Mar. 31, 2020
Inventory Disclosure [Abstract] |
Inventories | Inventories The components of inventories as of March 31, 2020 and December 31, 2019 were:
| March 31, 2020 |  | December 31, 2019
Raw materials and component parts | $ | 204,491 |  |  | $ | 182,382 |
Work in process | 42,021 |  |  | 28,761 |
Finished goods | 94,069 |  |  | 82,324 |
Total inventories | $ | 340,581 |  |  | $ | 293,467 |
Inventories are stated at the lower of cost or net realizable value. Cost, which includes material, labor and factory overhead, is determined on a first in, first out basis.

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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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