Inventories net

12 Months Ended

Dec. 31, 2022

Inventories net

Inventories, Net

2. Inventories, net

On July 1, 2021, the Company changed its accounting for inventory to burden the material at the time of purchase receipts.  Prior to July 1, 2021, the Company applied the material burden at the time the inventory was issued to work in progress.  The Company believes that this method improves financial reporting by better reflecting the current value of inventory on the consolidated balance sheets, by providing better matching of revenues and expenses.  

Inventories, which are presented net of allowance for slow-moving, excess and obsolete inventory, consisted of the following:

	December 31, 2022		December 31, 2021
Finished goods	$	2,965	$	2,335
Work in process		7,313		4,527
Raw materials		11,827		10,116
	$	22,105	$	16,978

Changes in the allowance for  slow-moving, excess, and obsolete inventory are as follows:

	Years Ended December 31,
	2022			2021
Balance, beginning of year	$	1,288		$	588
Charged to cost of sales		81			700
Disposal of inventory		(122	)		—
Balance, end of year	$	1,247		$	1,288

During the year ended December 31, 2022, the Company recorded one-time, non-cash write-offs of new product development materials and inventory of $900 related to the BKR products, $646 was recorded in Selling, general and administrative expenses and $254 was recorded as cost of products. Direct write-off's were not significant during the year ended December 31, 2021.