Inventories

3 Months Ended

Mar. 31, 2024

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 consist of the following:


	March 31, 2024		December 31, 2023
Raw materials	$	135,150	$	142,744
Work-in-progress	9,843		11,907
Finished goods	34,898		33,107
Total inventories, net	$	179,891	$	187,758

Inventory valued using the FIFO method was $168,094 and $176,033 at March 31, 2024 and December 31, 2023, respectively. Inventory valued using the average cost method was $11,797 and $11,725 at March 31, 2024 and December 31, 2023, respectively.