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Inventories | 12 Months Ended
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Dec. 31, 2020
Inventory Disclosure [Abstract] |
Inventories | INVENTORIES Inventories are stated at the lower of standard cost (which approximates actual cost determined using the first-in, first-out cost method) or net realizable value and consists of the following (in thousands):
| At December 31,
| 2020 |  | 2019
Raw materials | $ | 2,695 |  |  | $ | 3,937 |
Finished goods | 5,840 |  |  | 5,749 |
Reserve for excess, obsolete, and slow-moving inventories | (2,894) |  |  | (3,518) |
Inventories, net | $ | 5,641 |  |  | $ | 6,168 |
The following is a roll-forward of the reserves for excess, obsolete, and slow-moving inventories (in thousands):
| At December 31,
| 2020 |  | 2019
Beginning balance | $ | (3,518) |  |  | $ | (4,085) |
Accrual | 281 |  |  | (814) |
Reduction due to sold inventory | 343 |  |  | 845 |
Write-off for disposed inventory | — |  |  | 536 |
Reserves for excess, obsolete, and slow-moving inventories | $ | (2,894) |  |  | $ | (3,518) |
During 2020, we continued to apply discipline in manufacturing and supply chain management, focusing on a reduction of lead time and inventory on hand which resulted in a net reduction of our gross inventory levels and excess inventory reserves of $0.6 million compared to 2019. During 2019, management implemented a purchasing freeze and cost-cutting measures resulting in lower procurement in the first half of 2019, with only selective and necessary purchases done in the second half of 2019. During the second half of 2019, management negotiated cost reduction terms with suppliers on certain products. This initiative, in conjunction with a price adjustment strategy on products we have in excess inventory, resulted in a net reduction of our gross inventory levels and excess inventory reserves of $1.9 million compared to 2018.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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