Quarterly report pursuant to Section 13 or 15(d)

3. Inventories

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3. Inventories
 3 Months Ended
Mar. 31, 2017
Inventory Disclosure [Abstract]  
Inventories

Inventories consisted primarily of bulk ethanol, corn, co-products, Low-Carbon Fuel Standard (“LCFS”) credits and unleaded fuel, and are valued at the lower of cost and net realizable value, with cost determined on a first-in, first-out basis. Total inventories are net of a valuation adjustment of $2,086,000 as of March 31, 2017. Inventory balances consisted of the following (in thousands):

 

    March 31, 2017     December 31, 2016  
Finished goods   $ 32,559     $ 33,773  
LCFS credits     10,143       10,926  
Raw materials     6,380       6,571  
Work in progress     7,255       7,092  
Other     1,708       1,708  
Total   $ 58,045     $ 60,070