Inventories

Inventories, except for pub food, beverages and supplies, are stated at the lower of standard cost or market. Pub food, beverages and supplies are stated at the lower of cost or market.

We regularly review our inventories for the presence of obsolete product attributed to age, seasonality and quality. If our review indicates a reduction in utility below the product’s carrying value, we reduce the product to a new cost basis. We record the cost of inventory for which we estimate we have more than a twelve-month supply as a component of Intangible and other assets, net on our Consolidated Balance Sheets.

Inventories consisted of the following (in thousands):



	March 31, 2016		December 31, 2015
Raw materials	$	5,768	$	5,468
Work in process	3,673		3,822
Finished goods	7,399		6,109
Packaging materials	1,086		727
Promotional merchandise	1,431		1,477
Pub food, beverages and supplies	676		697
	$	20,033	$	18,300

Work in process is beer held in fermentation tanks prior to the filtration and packaging process.