Annual report pursuant to Section 13 and 15(d)

Inventories, Net

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Inventories, Net
 12 Months Ended
Dec. 31, 2021
Inventory Disclosure [Abstract]  
Inventories
11. Inventories, Net:
Inventories, net are classified and valued as follows:
December 31,
2021 2020
Finished products and work in process $ 46,894  $ 48,500 
Raw materials 6,919  4,289 
$ 53,813  $ 52,789 
Valued at lower of cost or market:
LIFO basis $ 33,330  $ 31,072 
Valued at lower of cost and net realizable value:
FIFO or average cost basis 20,483  21,717 
$ 53,813  $ 52,789 
The domestic inventory acquired as part of a previous business combination is valued based on the LIFO method. Therefore, the fair value allocated to the acquired LIFO inventory was treated as the new base inventory value. If inventories valued under the LIFO basis had been valued using the FIFO method, inventories would have been $6,837 and $4,907 lower than reported as of December 31, 2021 and 2020, respectively, driven primarily by the purchase accounting fair value step-up of the LIFO inventory base value associated with the business combination.