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Inventories | 9 Months Ended
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Sep. 30, 2020
Inventory Disclosure [Abstract] |
Inventories |
5. | INVENTORIES
Inventories valued at LIFO (last-in, first-out), consist of the following (in thousands):
|  | September 30, 2020 |  |  | December 31, 2019 |
Finished goods |  | $ | 32,691 |  |  | $ | 42,281 |
Raw materials |  |  | 36,515 |  |  |  | 31,686 |
Total FIFO (first-in, first-out) inventories |  |  | 69,206 |  |  |  | 73,967 |
Reserve to adjust inventories to LIFO value |  |  | (19,062 | ) |  |  | (19,062 | )
Total LIFO inventories |  | $ | 50,144 |  |  | $ | 54,905 |
The Company utilizes the LIFO method of accounting to its Trex Residential wood-alternative decking and residential railing products, which generally provides for the matching of current costs with current revenues. However, under the LIFO method, reductions in annual inventory balances cause a portion of the Company’s cost of sales to be based on historical costs rather than current year costs (LIFO liquidation). Reductions in interim inventory balances expected to be replenished by year-end do not result in a LIFO liquidation. Accordingly, interim LIFO calculations are based, in part, on management’s estimates of expected year-end inventory levels and costs, which may differ from actual results. Since inventory levels and costs are subject to factors beyond management’s control, interim results are subject to the final year-end LIFO inventory valuation. As of September 30, 2020, management estimates that interim inventory balances will be replenished by year-end and there were no LIFO inventory liquidations or related impact on cost of sales in the nine months ended September 30, 2020. Inventories valued at lower of cost (FIFO method) and net realizable value were $1.4 million at September 30, 2020 and $1.2 million at December 31, 2019, consisting primarily of raw materials. The Company utilizes the FIFO method of accounting to its Trex Commercial architectural railing and staging system products.

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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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