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INVENTORY

3 Months Ended

Mar. 31, 2014

4.	INVENTORY

Inventory includes raw materials, work-in-process and finished goods and is recorded at the lower of cost, on the first-in, first-out method, or market (net realizable value). Work-in-process and finished goods inventories include materials, labor and manufacturing overhead. Inventory consisted of the following:

	As of March 31, 2014		As of December 31, 2013		Increase (Decrease)
Raw materials	$	317,881	$	270,355	$	47,526
Work-in-process		580,939		783,060		(202,121)
Finished goods		48,505		153,093		(104,588)
Inventory	$	947,325	$	1,206,508	$	(259,183)

- 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.

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