Annual report pursuant to Section 13 and 15(d)

Inventories, Net

Inventories, Net
12 Months Ended
Dec. 31, 2022
Inventory Disclosure [Abstract]  
11. Inventories, Net:
Inventories, net are classified and valued as follows:
December 31,
2022 2021
Finished products and work in process $ 39,909  $ 46,894 
Raw materials 4,453  6,919 
$ 44,362  $ 53,813 
Valued at lower of cost or market:
LIFO basis $ 25,258  $ 33,330 
Valued at lower of cost and net realizable value:
FIFO or average cost basis 19,104  20,483 
$ 44,362  $ 53,813 
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 $7,002 and $6,837 lower than reported as of December 31, 2022 and 2021, respectively, driven primarily by the purchase accounting fair value step-up of the LIFO inventory base value associated with the business combination.