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Inventory

3 Months Ended

Jan. 31, 2015

INVENTORY

Inventories consist of the following:



	January 31, 2015		October 31, 2014
	(Unaudited)
Raw materials	$	4,249,089	$	4,867,269
Spare parts	2,462,283		2,449,995
Work in process	1,510,360		1,459,253
Finished goods	5,186,852		1,948,627
Totals	$	13,408,584	$	10,725,144

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 inventories for the three month periods ended January 31, 2015 or 2014.

- 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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