INVENTORIES (Notes)

12 Months Ended

Jun. 30, 2015

As of June 30, 2015 and 2014, the Company’s inventory was valued using the lower of last-in, first-out (“LIFO”) cost or market. If the first-in, first-out (“FIFO”) method of inventory accounting had been used by the Company for inventories valued at LIFO, inventories would have been $753,439 and $1,172,262 higher than reported at June 30, 2015 and 2014, respectively.

The components of inventories at June 30, 2015 and 2014 were as follows:



	2015			2014
Raw materials	$	5,374,333		$	5,593,159
Finished goods	6,246,072			6,327,221
	11,620,405			11,920,380
Reserve for obsolete inventory	(4,437,965		)	(4,865,448		)
Total inventories	$	7,182,440		$	7,054,932