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Inventories

6 Months Ended

Jun. 30, 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:


		June 30,			December 31,
		2021			2020
Raw materials		$	89,083		$	67,775
Work-in-progress			8,729			7,005
Finished goods			16,998			15,768
Total inventories, net		$	114,810		$	90,548

Inventory valued using the FIFO method was $102,433 and $82,308 at June 30, 2021 and December 31, 2020, respectively. Inventory valued using the average cost method was $12,377 and $8,240 at June 30, 2021 and December 31, 2020, respectively.