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Inventories | 3 Months Ended
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Mar. 31, 2019
Inventories [Abstract] |
Inventories | (4) Inventories Inventories are valued at the lower of cost (using either the first-in, first-out (“FIFO”) or average cost methods) or net realizable value. The Company evaluates and adjusts as necessary its excess and obsolescence reserve on a quarterly basis. Excess inventories are quantities of items that exceed anticipated sales or usage for a reasonable period. The Company has guidelines for calculating provisions for excess inventories based on the number of months of inventories on-hand compared to anticipated sales or usage. Management uses its judgment to forecast sales or usage and to determine what constitutes a reasonable period. Inventory cost includes material, labor and overhead. Inventories consisted of the following:
|  | March 31, |  | December 31,
|  | 2019 |  | 2018
Raw materials |  | $ | 60,967 |  | $ | 54,382
Work-in-progress |  |  | 5,610 |  |  | 4,710
Finished goods |  |  | 25,585 |  |  | 20,186
Total inventories, net |  | $ | 92,162 |  | $ | 79,278
Inventory valued using the FIFO method was $76,877 and $64,745 at March 31, 2019 and December 31, 2018, respectively. Inventory valued using the average cost method was $15,285 and $14,533 at March 31, 2019 and December 31, 2018, respectively.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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