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Inventories

6 Months Ended

Jun. 30, 2013

3. Inventories

The major components of inventories are as follows:

	June 30, 2013			Dec 31, 2012

Raw materials	$	1,926,161		$	2,072,540
Work-in-progress	432,058			373,512
Finished goods	1,318,484			1,478,444
Reduction to LIFO cost	(1,243,952		)	(1,245,632		)

Total Inventory	$	2,432,751		$	2,678,864

- 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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