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Inventories

12 Months Ended

Jul. 31, 2014

Inventories consist of the following at July 31, 2014 and 2013:



	2014		2013
Raw materials and components	$	50,423,000	52,169,000
Work-in-process and finished goods	27,218,000		29,539,000
Total inventories	77,641,000		81,708,000
Less reserve for excess and obsolete inventories	16,309,000		16,226,000
Inventories, net	$	61,332,000	65,482,000

At July 31, 2014 and 2013, the amount of inventory directly related to long-term contracts (including contracts-in-progress) was $1,000,000 and $1,910,000, respectively.

At July 31, 2014 and 2013, $654,000 and $592,000, respectively, of the inventory balance above related to contracts from third party commercial customers who outsource their manufacturing to us.

- 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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