|
3. INVENTORIES
Inventories consist of raw materials, work in process and finished goods and are recorded at the lower of average cost or market, using the first-in, first-out method. A provision is recorded to reduce excess and obsolete inventories to their estimated net realizable value, when necessary. No such provision was recorded as of September 30, 2012 or June 30, 2012. Components of inventories as of September 30, 2012 and June 30, 2012 are as follows:
|
|
|
September 30, |
|
June 30, |
|
|
|
|
2012 |
|
2012 |
|
|
Raw materials |
|
$ |
569,611 |
|
$ |
425,582 |
|
|
Work-in-process |
|
689,173 |
|
785,726 |
|
|
Finished goods |
|
961,588 |
|
907,361 |
|
|
|
|
$ |
2,220,372 |
|
$ |
2,118,669 |
|
|