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Inventory

9 Months Ended

Jul. 31, 2013

INVENTORY

Inventories consist of the following:



	July 31, 2013		October 31, 2012
	(Unaudited)
Raw materials	$	5,370,347	$	8,977,820
Spare parts	1,544,897		682,896
Work in process	2,044,754		1,183,188
Finished goods	1,187,917		1,169,265
Totals	$	10,147,915	$	12,013,169

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 did not record a lower of cost or market adjustment on certain inventories for the three or nine month periods ended July 31, 2013 and 2012.

- 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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