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INVENTORIES

9 Months Ended

Sep. 30, 2012

NOTE 2.

INVENTORIES

Inventories are stated at the lower of cost or market. Cost is determined principally on the average cost method. Inventories at September 30, 2012 and December 31, 2011 were as follows (in thousands):

	September 30, 2012			December 31, 2011

Raw materials	$	4,750		$	5,127
Work in process		1,529			1,778
Finished goods		2,028			1,825
Gross inventories		8,307			8,730
Less: reserve for obsolescence		(524	)		(552	)

Net inventories	$	7,783		$	8,178

- 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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