Inventory

3 Months Ended

Sep. 30, 2022

Inventory is stated at the lower of cost (first-in, first-out) or net realizable value, and consists of materials, labor and overhead. On a quarterly basis, the Company uses consistent methodologies to evaluate inventory for net realizable value. Once an item is written down, the value becomes the new inventory cost basis. The Company reduces the value of inventory for excess and obsolete inventory, consisting of on-hand inventory in excess of estimated usage. The excess and obsolete inventory evaluation is based upon assumptions about future demand, historical usage, product mix and possible alternative uses. Inventory was comprised of the following:


	As of
		September 30, 2022		July 1, 2022
Raw materials		$	189,139	$	178,410
Work in process		67,696		64,287
Finished goods		30,743		27,642
Total		$	287,578	$	270,339