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Inventories
12 Months Ended
Dec. 31, 2020
Inventory Disclosure [Abstract]  
Inventories

5.Inventories

Inventories consist of the following:

 

December 31,

2020

2019

 

Inventory at FIFO

Finished goods

$

2,878

$

13,131

Materials and products in process

77,609

65,880

Gross inventories

80,487

79,011

Less: LIFO reserve

(48,016

)

(47,137

)

Less: excess and obsolescence reserve

(3,394

)

(3,573

)

Net Inventories

$

29,077

$

28,301

In 2019 inventory quantities were reduced. This reduction resulted in a liquidation 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 costs of products sold by approximately $0.2 million.