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Inventories

3 Months Ended

Mar. 31, 2021

Inventories [Abstract]

(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,
		2021			2020
Raw materials		$	72,138		$	67,775
Work-in-progress			8,434			7,005
Finished goods			14,867			15,768
Total inventories, net		$	95,439		$	90,548

Inventory valued using the FIFO method was $86,089 and $82,308 at March 31, 2021 and December 31, 2020, respectively. Inventory valued using the average cost method was $9,350 and $8,240 at March 31, 2021 and December 31, 2020, respectively.