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Inventory

6 Months Ended

Jun. 30, 2014

3. Inventory

Inventories are stated at the lower of cost or market. Cost is determined using the weighted average cost of raw materials, which approximates the first-in, first-out (“FIFO”) method, and includes allocations of manufacturing labor and overhead. Provisions are made to reduce potentially excess, obsolete or slow-moving inventories to their net realizable value. Inventories as of June 30, 2014 and December 31, 2013, consisted of the following (in thousands):


	June 30,			December 31,
	2014			2013
Raw materials	$	10,115		$	7,376
Work-in-process		97			44
Finished goods		5,856			4,688
Reserve for excess and obsolete inventory		(957	)		(999	)

Total inventory	$	15,111		$	11,109

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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