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PRODUCT WARRANTY OBLIGATIONS (Notes) | 12 Months Ended
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Jun. 30, 2014
Standard Product Warranty Disclosure [Abstract] |
Product Warranty Obligations | PRODUCT WARRANTY OBLIGATIONS The Company records a liability for product warranty obligations at the time of sale based upon historical warranty experience. The majority of the Company’s products carry a lifetime warranty. The Company also records a liability for specific warranty matters when they become known and are reasonably estimated. The Company’s current and non-current product warranty obligations are included in accrued liabilities and other liabilities, respectively, in the consolidated balance sheets. However, the Company is continuously releasing new and more complex and technologically advanced products. Even though some of these products have a shorter warranty period, it is at least reasonably possible that products could be released with certain unknown quality or design problems resulting in higher than expected warranty and related costs. These costs could have a materially adverse effect on the Company's results of operations and financial condition in the near term. Changes to the product warranty obligations for the years ended June 30, 2014 and 2013 are as follows:
Year Ended June 30, |  | Balance, beginning of year |  | Provision charged to expense |  | Warranty expenses incurred |  | Balance, end of year
2014 |  | $ | 1,111,500 |  |  | 97,300 |  |  | (486,176 | ) |  | $ | 722,624 |
2013 |  | $ | 1,132,500 |  |  | 541,585 |  |  | (562,585 | ) |  | $ | 1,111,500 |

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- Definition The entire disclosure for standard and extended product warranties and other product guarantee contracts, including a tabular reconciliation of the changes in the guarantor's aggregate product warranty liability for the reporting period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249 + Details
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