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Inventory

9 Months Ended

Sep. 30, 2014

5. 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 September 30, 2014		As of December 31, 2013		Increase (Decrease)
Raw materials	$	292,364	$	270,355	$	22,009
Work-in-process		507,319		783,060		(275,741	)
Finished goods		239,763		153,093		86,670
Inventory	$	1,039,446	$	1,206,508	$	(167,062	)

- 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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