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4 Inventories, Net

9 Months Ended

Mar. 31, 2015

4 INVENTORIES, NET

Inventories consist of the following:

	March 31,		June 30,
	2015		2014

Work in process	$	826,747	$	1,006,295
Raw materials		310,383		669,880
Finished goods		1,299,949		992,554
Inventory markdown		465,577		473,455
	$	1,971,502	$	2,195,274

The provisions for obsolete inventory as of March 31, 2015 and June 30, 2014 were $465,577 and $473,455, respectively.

- 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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