Table:
December 31,

2019	2018

Parts and raw materials	$134,816	$76,647

Work in process	10,269	6,644

Finished goods	84,934	14,696

Total	$230,019	$97,987

Answer the following question considering the following table and its related text, include the steps to get the answer if you wish, but end your response with {"answer": ["ANSWER"], "scale": "SCALE"} (scale blank when not needed).

Context:
ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (in thousands, except per share amounts)
NOTE 10. INVENTORIES
Our inventories are valued at the lower of cost or net realizable value and computed on a first-in, first-out (FIFO) basis. Components of inventories are as follows:

Question: How were the company's inventories valued?

answer: at the lower of cost or net realizable value and computed on a first-in, first-out (FIFO) basis.