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Inventories | 12 Months Ended
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Dec. 31, 2023
Inventory Disclosure [Abstract] |
Inventories |
4. | INVENTORIES
Inventories at LIFO value consist of the following as of December 31 (in thousands):
|  | 2023 |  |  | 2022 |
Finished goods |  | $ | 88,840 |  |  | $ | 107,114 |
Raw materials |  |  | 51,688 |  |  |  | 69,292 |
Total FIFO inventories |  |  | 140,528 |  |  |  | 176,406 |
Reserve to adjust inventories to LIFO value |  |  | (33,439 | ) |  |  | (35,051 | )
Total LIFO inventories |  | $ | 107,089 |  |  | $ | 141,355 |
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. During the year ended December 31, 2023, the Company had a liquidation of inventories produced in the prior year ended December 31, 2022. As a result, a portion of the Company’s cost of sales is based on prior year costs rather than on current year costs. However, the prior year cost of inventory closely approximates the current year cost of inventory and the resulting effect of the liquidation of inventories on the Company’s cost of sales was immaterial in the year ended December 31, 2023,.

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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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