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Note 2. Inventories

3 Months Ended

May 31, 2014

Note 2. Inventories

Inventories consisted of the following:

	May 31, 2014			August 31, 2013

Parts and supplies	$	1,181,119		$	1,353,614
Work-in-process		757,003			990,668
Finished goods		454,863			201,488
Reserve for obsolete inventory		(150,000	)		(100,000	)

Inventories, net	$	2,242,985		$	2,445,770

- 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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