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Inventories | 12 Months Ended
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Jun. 30, 2023
Inventories [Abstract] |
INVENTORIES | NOTE 4 – INVENTORIES Inventories consisted of the following:
|  | June 30, |  |  | June 30, |
|  | 2023 |  |  | 2022 |
Raw materials |  | $ | 11,617,989 |  |  | $ | 7,986,436 |
Supplies and packing materials |  | $ | 410,904 |  |  | $ | 469,524 |
Work in progress |  | $ | 172,248 |  |  | $ | 198,591 |
Finished goods |  | $ | 34,253,990 |  |  | $ | 33,543,635 |
Total |  | $ | 46,455,131 |  |  | $ | 42,198,186 |
During the year ended June 30, 2023, the Company sold compound fertilizers (finished goods) to certain parties at market price and purchased equivalent amount of simple fertilizers (raw material) from the same parties also at market price. The simple fertilizers purchased, along with other materials were used in the Company’s production facility to manufacture compound fertilizers. While nonmonetary, the sales and purchase transactions were consummated independently under separate agreements at different times and measured at the prevailing market value. The total amount of nonmonetary sales and purchases amounted to $71,040,024 during the year ended June 30, 2023. No gain or loss incurred as the result of the nonmonetary transactions. For the fiscal year ended June 30, 2023, total inventories increased $4,256,945, or 10.1%, to $46,455,131 from $42,198,186 for the fiscal year ended June 30, 2022.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//330/tableOfContent + Details
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