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INVENTORIES

12 Months Ended

Jan. 31, 2013

NOTE 5: INVENTORIES

Inventories consisted of the following:

	January 31,
	2013		2012
Raw materials	$	13,262,612	$	12,673,210
Work in process		2,966,664		2,808,747
Finished goods		1,641,444		2,365,186
	$	17,870,720	$	17,847,143

At January 31, 2013 and 2012, inventories valued at the last-in, first-out method ("LIFO") were $2,367,256 and $1,790,705, respectively. The LIFO value of inventories was lower than replacement cost by $1,599,392 and $1,553,153 at January 31, 2013 and 2012, respectively.

The book basis of LIFO inventories exceeded the tax basis by approximately $867,107 and $866,900 at January 31, 2013 and January 31, 2012, respectively, as a result of applying the provisions of FASB ASC Topic 805, "Business Combinations", to an acquisition completed in a prior year.

- 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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