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Inventories | 12 Months Ended
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Dec. 31, 2021
Inventory Disclosure [Abstract] |
Inventories |
3. | INVENTORIES
Inventories at LIFO value consist of the following as of December 31 (in thousands):
|  | 2021 |  |  | 2020 |
Finished goods |  | $ | 58,401 |  |  | $ | 39,048 |
Raw materials |  |  | 56,441 |  |  |  | 44,475 |
Total FIFO inventories |  |  | 114,842 |  |  |  | 83,523 |
Reserve to adjust inventories to LIFO value |  |  | (36,467 | ) |  |  | (16,821 | )
Total LIFO inventories |  | $ | 78,375 |  |  | $ | 66,702 |
Inventory related to Trex Residential composite decking and railing products is stated at the lower of LIFO cost or market. The Company periodically reviews its inventory for slow moving or obsolete items and writes down the related products to estimated market. Under the LIFO method, reductions in inventory cause a portion of the Company’s cost of sales to be based on historical costs rather than current year costs. There was no inventory reduction during 2021 or 2020. Inventories valued at lower of cost (FIFO method) and net realizable value as of December 31, 2021 and December 31, 2020, were $5.4 million and $1.5 million, respectively, consisting primarily of raw materials. The Company utilizes the FIFO method of accounting related to its Trex Commercial 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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