Inventory

Inventory, net at March 31, 2017 and December 31, 2016 consists of:



(Dollars in thousands)	March 31, 2017		December 31, 2016
Raw materials	$	1,178	$	1,117
Work in process	862		1,434
Finished goods	6,235		6,833
Total	$	8,275	$	9,384

Cost is determined on a first in, first out, or FIFO, basis and includes 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 at March 31, 2017 and December 31, 2016 were $1.6 million and $1.4 million, respectively.