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Inventories
3 Months Ended
Mar. 31, 2024
Inventory Disclosure [Abstract]  
Inventories

5. Inventories — Inventory is stated at the lower of cost or net realizable value. Cost is determined by the average cost method, and includes material, labor, factory overhead and subcontracting services. Inventory reserves are recorded for excess and slow-moving inventory. The Company recorded an inventory reserve of $2,761 and $2,756 at March 31, 2024 and December 31, 2023, respectively.

 

 

 

March 31,
2024

 

 

December 31,
2023

 

Finished products

 

$

199,941

 

 

$

198,935

 

Raw materials

 

 

28,368

 

 

 

20,616

 

Inventories

 

$

228,309

 

 

$

219,551

 

Finished products consist of products that are sold to customers in their current form as well as intermediate products that require further formulation to be saleable to customers.