Note 4. Inventories

Inventories are stated at the lower of first-in, first-out cost or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Manufactured finished goods and work in process inventories include material, direct labor and overhead based on standard costs, which approximate actual costs.

At the dates indicated, inventories consisted of the following:

	January 31, 2016		October 31, 2015
Printing:
Raw materials	$	1,190,701	$	1,111,203
Work in process		647,042		599,289
Finished goods		871,252		824,689
Office products and office furniture		824,089		1,033,484
	$	3,533,084	$	3,568,665