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Inventories

9 Months Ended

Mar. 31, 2023

Inventories

Inventories

4. Inventories

The components of inventories include the following:

		March 31, 2023				June 30, 2022
Raw materials		$	3,244,826			$	3,019,156
Work in process			3,284,153				2,243,907
Finished goods			3,098,668				3,052,001
Allowance for obsolescence			(1,395,439	)			(1,329,637	)
		$	8,232,208			$	6,985,427

The value of tooling in raw materials, net of the related allowance for obsolescence, was approximately $1.4 million and $1.6 million as of March 31, 2023 and June 30, 2022, respectively.

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- References

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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 https://asc.fasb.org/topic&trid=2126998

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