INVENTORY (Notes)

12 Months Ended

Jun. 30, 2012

As of June 30, 2012 and 2011, the Company’s inventory was valued using the lower of last-in, first-out (“LIFO”) cost or market. If the first-in, first-out (“FIFO”) method of inventory accounting had been used by the Company for inventories valued at LIFO, inventories would have been $1,158,119 and $942,861 higher than reported at June 30, 2012 and 2011, respectively.

The components of inventories at June 30 were as follows:



	2012			2011
Raw materials	$	3,922,643		$	3,180,397
Work-in process	32,045			—
Finished goods	6,311,414			5,571,651
	10,266,102			8,752,048
Reserve for obsolete inventory	(869,752		)	(885,046		)
Total inventories	$	9,396,350		$	7,867,002

- 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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