Inventory

6 Months Ended

Jun. 30, 2013

The composition of inventory was as follows:



($'s in thousands)	June 30, 2013		December 31, 2012
Raw materials and component parts	$	33,139	$	34,919
Work-in-process	4,178		4,192
Finished goods	63,456		60,911
Subtotal	100,773		100,022
LIFO reserve	863		587
Total	$	101,636	$	100,609

The carrying value of inventories accounted for by the last-in, first-out (LIFO) inventory method exclusive of the LIFO reserve was $72,620 at June 30, 2013 and $76,819 at December 31, 2012. The remaining inventory amounts are held in foreign locations and accounted for using the first-in first-out method.

- 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.

+ References+ Details

Victor Technologies Group, Inc. 10-Q