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, net on our Consolidated Balance Sheets.

Inventories consisted of the following (in thousands):

	March 31, 2015		December 31, 2014
Raw materials	$	5,204	$	4,414
Work in process		3,740		2,781
Finished goods		11,614		8,986
Packaging materials		1,264		627
Promotional merchandise		1,402		1,531
Pub food, beverages and supplies		609		632
	$	23,833	$	18,971

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