Inventories

The Company adopted ASC 2015-11, Simplifying the Measurement of Inventory as of January 1, 2017. ASC 2015-11 simplifies the subsequent measurement of inventory by replacing the lower of cost or market test with a lower of cost or net realizable value test. The adoption of this standard did not have a material impact on the Company’s consolidated financial position or results of operations. Inventories are stated at the lower of cost or net realizable value using the first-in first-out costing method. Inventories as of March 31, 2017 and December 31, 2016 include the costs of material, labor, and factory overhead. Components of inventories consist of the following:



	March 31, 2017		December 31, 2016
Raw materials	$	11,629	$	10,606
Work in process	2,170		2,185
Finished goods	7,956		7,954
	$	21,755	$	20,745