Inventories consist of the following:


In Thousands	September 30, 2022		December 31, 2021

Raw materials	$	48,713	$	54,012
Work-in-process	47,912		40,422
Finished goods	133,561		123,401
Total Inventory at FIFO cost	230,186		217,835
Adjust to LIFO cost	(93,999)		(117,019)

Inventory, net	$	136,187	$	100,816

Inventories are stated at the lower of cost, using the last-in, first out (“LIFO”) method, or market. The Company maintains two inventory pools for LIFO purposes. As permitted by U.S. GAAP, the Company maintains its inventory costs and cost of goods sold on a first-in, first-out (“FIFO”) basis and makes a monthly adjustment to adjust total inventory and cost of goods sold from FIFO to LIFO. The Company applies the lower of cost or market (“LCM”) test by comparing the LIFO cost of its raw materials, work-in-process and finished goods inventories to estimated market values, which are based primarily upon the most recent quoted market price of copper and other material prices as of the end of each reporting period. The Company performs a lower of cost or market calculation quarterly. As of September 30, 2022, no LCM adjustment was required. However, decreases in copper and other material prices could necessitate establishing an LCM reserve in future periods. Additionally, future reductions in the quantity of inventory on hand could cause copper or other raw materials that are carried in inventory at costs different from the cost of copper and other raw materials in the period in which the reduction occurs to be included in costs of goods sold for that period at the different price.

In the third quarter of 2022, LIFO adjustments were recorded that decreased cost of sales by $24.4 million, compared to LIFO adjustments that increased cost of sales by $0.6 million in the third quarter of 2021. In the nine months ended September 30, 2022, LIFO adjustments were recorded that decreased cost of sales by $23.0 million, compared to LIFO adjustments that increased cost of sales by $46.6 million in the nine months ended September 30, 2021.