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Inventory

12 Months Ended

Oct. 31, 2012

INVENTORY

Inventories consist of the following:



	October 31, 2012		October 31, 2011
Raw materials	$	8,977,820	$	5,323,615
Spare parts	682,896		584,011
Work in process	1,183,188		1,150,239
Finished goods	1,169,265		1,557,546
Totals	$	12,013,169	$	8,615,411

The Company performs a lower of cost or market analysis on inventory to determine if the market values of certain inventories are less than their carrying value, which is attributable primarily to decreases in market prices of corn and ethanol. Based on the lower of cost or market analysis, the Company recorded a lower of cost or market charge on certain inventories for the fiscal year ended October 31, 2012 for approximately $77,000. The Company did not record a lower of cost or market charge on certain inventories for the fiscal years ended October 31, 2011 or 2010.

- 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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