C.	Inventories

Inventories consist of raw materials, work in process and finished goods. Raw materials, which principally consist of hops, other brewing materials and packaging, are stated at the lower of cost, determined on the first-in, first-out basis, or market. Inventories are generally classified as current assets. The Company’s goal is to maintain a supply of approximately two years for essential hop varieties on-hand in order to limit the risk of an unexpected reduction in supply. As of December 29, 2012, the Company has classified approximately $1.5 million of hops inventory in other long term assets that are above two years forecasted usage. The cost elements of work in process and finished goods inventory consist of raw materials, direct labor and manufacturing overhead. Inventories consisted of the following:


	December 29, 2012			December 31, 2011
	(in thousands)
Raw materials	$	27,867		$	21,191
Work in process		8,897			6,670
Finished goods		9,092			6,211

		45,856			34,072
Less portion included in other long term assets		(1,495	)		—

	$	44,361		$	34,072