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Inventories

12 Months Ended

Dec. 31, 2014

B. Inventories

The Company reduces the value of its inventories to market value when the market value is believed to be less than the cost of the item. The inventory reserve for obsolescence as of December 31, 2014 and December 31, 2013 was $2,802,000 and $2,586,000, respectively.

	December 31,
	2014		2013
	(in thousands)
Raw materials	$	1,588	$	1,834
Work in process		1,572		1,490
Finished goods		1,038		1,305
Total Inventories, net	$	4,198	$	4,629

- 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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