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Inventories

12 Months Ended

Jan. 31, 2015

5. Inventories

Inventories consisted of the following (in thousands):


	As of January 31,
	2015			2014
Raw materials	$	6,718		$	4,599
Finished goods		4,466			4,159
Work in progress		1,017			612

Cost of inventories		12,201			9,370
Less allowance for obsolescence		(750	)		(1,032	)

Net inventories	$	11,451		$	8,338

In May of 2014, the Company acquired $3.6 million of inventory in connection with the purchase of two product lines from ION. See Note 3 to our consolidated financial statements.

- 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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