Inventory

Inventories are stated at the lower of cost or market. Cost is determined using the weighted average cost of raw materials which approximates the first-in, first-out (“FIFO”) method and includes allocations of manufacturing labor and overhead. Provisions are made to reduce excess, obsolete or slow-moving inventories to their net realizable value. Inventories consisted of the following at September 30, 2015 and December 31, 2014 (in thousands):



	2015			2014
Raw materials	$	11,761		$	12,229
Work-in-process	59			111
Finished goods	9,155			7,337
Reserve for excess and obsolete inventory	(2,083		)	(1,354		)
Total inventory	$	18,892		$	18,323