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Inventories

6 Months Ended

Jun. 30, 2014

C. Inventories

Inventories are stated at the lower of actual cost (determined using the first-in, first-out method), or market (estimated realizable value), with adjustment being recorded in the reserve for obsolescence, which was $2,814,000 and $2,586,000 as of June 30, 2014 and December 31, 2013, respectively.

Inventories are comprised of the following:

	June 30, 2014		December 31, 2013
	(in thousands)
Raw materials	$	1,854	$	1,834
Work in process		1,657		1,490
Finished goods		1,040		1,305
Total Inventories, net	$	4,551	$	4,629

- 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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