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Inventories

3 Months Ended

Mar. 31, 2015

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 $2,881,000 and $2,802,000 as of March 31, 2015 and December 31, 2014, respectively.

Inventories are comprised of the following:

	March 31, 2015		December 31, 2014
	(in thousands)
Raw materials	$	1,393	$	1,588
Work in process		1,542		1,572
Finished goods		1,095		1,038
Total Inventories, net	$	4,030	$	4,198

- 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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