Inventories

Inventories are stated at the lower of standard cost or net realizable value.

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):



	September 30, 2019		December 31, 2018
Raw materials	$	8,741	$	7,146
Work in process	3,370		3,219
Finished goods	5,740		4,319
Packaging materials	2,486		891
Promotional merchandise	600		1,139
Brewpub food, beverages and supplies	563		502
	$	21,500	$	17,216

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