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Inventories

12 Months Ended

Dec. 31, 2013

INVENTORIES

Inventories valued at LIFO represented 55% and 56% of total inventory for the years ended December 31, 2013 and 2012, respectively. The excess of current costs over LIFO-valued inventories was $9,483,000 and $8,975,000 on December 31, 2013 and December 31, 2012, respectively. (The $508,000 increase in LIFO reserve during 2013 came from reductions in inventory levels within U.S. operations. The impact of the application of the LIFO method on the Statement of Income for the years ended December 31, 2013, was a decrease to cost of sales of $508,000, and an decrease in 2012 of $484,000 and an increase in 2011 of $1,805,000.) Inventories consisted of the following on a cost basis, net of reserves:



	December 31,
(in thousands)	2013		2012
Finished goods and parts	$	84,548	$	93,095
Work in process	9,906		7,922
Raw materials	14,650		7,741
	$	109,104	$	108,758

- 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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