INVENTORIES (Notes)

12 Months Ended

Jun. 30, 2014

INVENTORIES

As of June 30, 2014 and 2013, 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 $1,172,262 and $1,313,498 higher than reported at June 30, 2014 and 2013, respectively.

The components of inventories at June 30, 2014 and 2013 were as follows:



	2014			2013
Raw materials	$	5,593,159		$	5,019,597
Finished goods	6,327,221			6,690,301
	11,920,380			11,709,898
Reserve for obsolete inventory	(4,865,448		)	(1,208,726		)
Total inventories	$	7,054,932		$	10,501,172

- 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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