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INVENTORIES

3 Months Ended

Mar. 31, 2014

3. INVENTORIES

Inventories include costs of materials, direct labor and manufacturing overhead, and are stated at the lower of cost (first-in, first-out basis) or market, as follows (in thousands):

	March 31,			December 31,
	2014			2013
Parts and raw materials	$	20,279		$	20,649
Work-in-process	3,506			3,369
Finished goods	4,502			4,350
	28,287			28,368
Less reserves	(4,004		)	(3,938		)
Inventories, net	$	24,283		$	24,430

- 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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