XML 64 R11.htm IDEA: XBRL DOCUMENT

INVENTORY

12 Months Ended

Dec. 31, 2012

Inventory Disclosure [Abstract]

Note 5. INVENTORY

The components of inventory at December 31, consisted of the following:

		December 31,				December 31,
		2012				2011

Raw Materials		$	6,105,000			$	5,209,000
Work In Progress			16,730,000				12,094,000
Finished Goods			6,653,000				7,021,000
Progress Payments Received			(525,000	)			-
Inventory Reserve			(2,224,000	)			(1,803,000	)
Total Inventory		$	26,739,000			$	22,521,000

The Company periodically evaluates inventory and establishes reserves for obsolescence, excess quantities, slow-moving goods, and for other impairment of value. The Company presents inventory net of progress billings in accordance with the specified contractual arrangements with the United States Government, which results in the transfer of title of the related inventory from the Company to the United States Government, when such progress payments are received.

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.

+ References+ Details