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Inventories, net

12 Months Ended

Jun. 30, 2020

Inventory Disclosure [Abstract]

Inventories, net

The components of inventories include the following:

		June 30, 2020				June 30, 2019
Raw materials		$	3,876,955			$	3,467,105
Work in process			2,989,070				2,288,226
Finished goods			3,134,800				2,704,471
Allowance for obsolescence			(1,016,343	)			(775,275	)
		$	8,984,482			$	7,684,527

During fiscal 2020 and 2019, the Company evaluated all allowed items and disposed of approximately $128,000 and $125,000, respectively, of inventory parts and wrote them off against the allowance for obsolescence.

The value of tooling in raw materials, net of the related allowance for obsolescence, was approximately $2.3 million and $2.1 million at June 30, 2020 and 2019, respectively.

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- References

No definition available.

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- Definition

The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 330
-URI http://asc.fasb.org/topic&trid=2126998

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