NOTES  TO CONSOLIDATED FINANCIAL STATEMENTS CEAPRO Annual Report 2012 39 for both the defined benefit obligation and the expected asset return when calculating interest cost. Other changes include modification of the accounting for termination benefits and classification of other employee benefits. The amendments to IAS 19 are effective for annual periods beginning on or after January 1, 2013. The Company does not anticipate the application of the amendments to IAS 19 to have a material impact on its consolidated financial statements. The Company had the following inventory at the end of each reporting period: Inventories expensed to cost of goods sold during the year ended December 31, 2012 is $2,655,930 (2011 – $2,475,938). During the year ended December 31, 2012, the Company decreased the carrying value of inventory by $98,634 (2011 – $nil) due to lower estimated realizable values from certain finished goods and included this amount in cost of goods sold. 3. INVENTORIES December 31 December 31 2012 2011 $ $ Raw materials 258,439 251,010 Work in progress 113,399 227,888 Finished goods 418,219 212,513 790,057 691,411