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Inventories | 6 Months Ended
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Jun. 27, 2020
Inventories |
G. | Inventories
Inventories consist of raw materials, work in process and finished goods. Raw materials, which principally consist of hops, flavorings, apple juice, other brewing materials and packaging, are stated at the lower of cost, determined on the first-in, first-out basis, or net realizable value. The Company’s goal is to maintain on hand a supply of at least one year for essential hop varieties, in order to limit the risk of an unexpected reduction in supply. Inventories are generally classified as current assets. The Company classifies hops inventory in excess of two years of forecasted usage in other long-term assets. The cost elements of work in process and finished goods inventory consist of raw materials, direct labor and manufacturing overhead. Inventories consist of the following:
|  | June 27, 2020 |  |  | December 28, 2019 |
|  | (in thousands) |
Current inventory: |  |  |  |  |  |  |  |
Raw materials |  | $ | 62,475 |  |  | $ | 61,522 |
Work in process |  |  | 15,161 |  |  |  | 12,631 |
Finished goods |  |  | 30,887 |  |  |  | 31,885 |
Total current inventory |  |  | 108,523 |  |  |  | 106,038 |
Long term inventory |  |  | 20,358 |  |  |  | 10,048 |
Total inventory |  | $ | 128,881 |  |  | $ | 116,086 |

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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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