Inventory

Inventory, net consists of:



(Dollars in thousands)	June 30, 2019		December 31, 2018
Raw materials	$	1,892	$	1,355
Work in process	2,986		3,110
Finished goods	3,731		2,359
Total	$	8,609	$	6,824

The Company states inventories at the lower of first-in, first-out cost, or net realizable value. Stated inventories include material costs, labor and applicable overhead. The Company reviews its inventory for excess or obsolescence and writes down inventory that has no alternative uses to its net realizable value. The inventory reserves for excess and obsolete inventory at June 30, 2019 and December 31, 2018 were $0.8 million and $0.2 million, respectively.