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Inventories

3 Months Ended

Mar. 31, 2013

NOTE 6. INVENTORIES

Inventories consist of finished goods, raw materials and work in process and are stated at the lower of cost or market and consist of the following (in thousands):



	March 31,		December 31,
	2013		2012

Raw materials	$	2,098	$	1,927
Work-in-process		596		1569
Finished goods		6,745		6,787
Less: allowance for obsolescence		(696)		(696)
Total	$	8,743	$	9,587

Inventories relate to the manufacturing costs of the Company's Gralise and Zipsor products.

The fair value of inventories acquired related to the Zipsor acquisition in June 2012 included a step-up in the value of Zipsor inventories of $1.9 million, which is being amortized to cost of sales as the acquired inventories are sold. The unamortized amount is $0.2 million at March 31, 2013.

- 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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