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Inventories
12 Months Ended
Dec. 31, 2019
Inventory Disclosure [Abstract]  
Inventories

4.Inventories

Inventories consist of the following:

December 31,

2019

2018

Inventory at FIFO

Finished goods

$

13,131

$

17,313

Materials and products in process

65,880

62,975

Gross inventories

79,011

80,288

Less: LIFO reserve

(47,137

)

(46,341

)

Less: excess and obsolescence reserve

(3,573

)

(2,527

)

Net Inventories

$

28,301

$

31,420

62


In 2019 and 2018, inventory quantities were reduced. These reductions resulted in liquidations of LIFO inventory quantities carried at lower costs prevailing in prior years as compared with the current cost of purchases, the effect of which decreased 2019 and 2018 costs of products sold by approximately $0.2 million and $0.6 million, respectively.