Note 4. 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 on our Consolidated Balance Sheets.

Inventories consisted of the following (in thousands):

	March 31,		December 31,
	2014		2013
Raw materials	$	4,608	$	4,934
Work in process		3,831		3,313
Finished goods		7,476		5,927
Packaging materials		642		442
Promotional merchandise		1,509		1,539
Pub food, beverages and supplies..		424		484
	$	18,490	$	16,639

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