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Inventories

12 Months Ended

Jan. 31, 2014

Note 4—Inventories

Inventories are stated at the lower of cost (first-in, first-out) or market and include material, labor and manufacturing overhead. The components of inventories are as follows:


	2014			2013
(In thousands)
Materials and Supplies	$	10,722		$	7,419
Work-in-Progress		852			590
Finished Goods		6,798			5,953

		18,372			13,962
Inventory Reserve		(3,194	)		(2,783	)

Balance at January 31	$	15,178		$	11,179

The balance of inventory at January 31, 2014 includes $2,500,000 of inventory related to the acquisition of Miltope.

Included within finished goods inventory is $767,000 and $812,000 of demonstration equipment at January 31, 2014 and 2013, respectively.

- 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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