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Inventory

9 Months Ended

Sep. 30, 2012

2.	Inventory

Inventory consists of finished goods, work-in-process and parts valued at the lower of cost (determined on the first-in, first-out basis) or market. We provide reserves for estimated obsolescence or unmarketable inventory equal to the difference between the cost of the inventory and the estimated market value based upon assumptions about future demand and market conditions.

Components of inventory are as follows:


	September 30, 2012		December 31, 2011
Finished goods	$	556,841	$	531,418
Work-in-process		230,127		210,459
Parts		2,945,707		2,739,335


		3,732,675		3,481,212
Less: Inventory reserves		162,676		150,439

Total inventory, net	$	3,569,999	$	3,330,773

- 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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