INVENTORIES (Notes)

12 Months Ended

Jun. 30, 2016

Inventory Disclosure [Abstract]

Inventories

As of June 30, 2016 and 2015, 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 $471,174 and $753,439 higher than reported at June 30, 2016 and 2015, respectively. 

The components of inventories at June 30, 2016 and 2015 were as follows:

	2016			2015
Raw materials	$	3,466,907		$	5,374,333
Finished goods	7,570,026			6,246,072
	11,036,933			11,620,405
Reserve for obsolete inventory	(2,441,448		)	(4,437,965		)
Total inventories	$	8,595,485		$	7,182,440