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10401 - Disclosure - Inventories
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<p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b>Note 4</b>—<b>Inventories</b> </p>
<p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="text-align: justify; text-indent: 0.2in; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal">Inventories are stated at the lower of cost or market. Costs included in inventories consist of materials, labor and manufacturing overhead, which are related to the purchase or production of inventories. The Company uses the first-in, first-out method or average cost method to determine its cost of inventories. Inventories as of July 31, 2010 and April 30, 2010 consisted of the following:</p>
<p style="text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<table style="border-collapse: collapse; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0">
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 423.05pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="564">
<p style="text-align: justify; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="text-align: justify; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 0.8in; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="77">
<p style="text-align: justify; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="text-align: right; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><u><font style="line-height: 93%; font-size: 8pt;" class="_mt"><font class="_mt"> </font>July 31, 2010</font></u></b></p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 0.8in; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="77">
<p style="text-align: justify; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"> </p>
<p style="text-align: right; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><b><u><font style="line-height: 93%; font-size: 8pt;" class="_mt"><font class="_mt"> </font>April 30, 2010</font></u></b></p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 423.05pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="564">
<p style="text-align: left; line-height: 93%; text-indent: -5.05pt; margin: 0in 5.05pt 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal" align="left">Raw Materials and Parts</p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 0.8in; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="77">
<p style="text-align: right; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font class="_mt"> </font>$<font class="_mt"> </font>13,658</p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 0.8in; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="77">
<p style="text-align: right; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font class="_mt"> </font>$<font class="_mt"> </font>11,895</p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 423.05pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="564">
<p style="text-align: left; line-height: 93%; text-indent: -5.05pt; margin: 0in 5.05pt 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal" align="left">Work in Process</p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 0.8in; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="77">
<p style="text-align: right; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font class="_mt"> </font>2,959</p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 0.8in; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="77">
<p style="text-align: right; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font class="_mt"> </font>2,188</p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 423.05pt; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="564">
<p style="text-align: left; line-height: 93%; text-indent: -5.05pt; margin: 0in 5.05pt 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal" align="left">Finished Goods</p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 0.8in; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="77">
<p style="border-bottom: black 1px solid; text-align: right; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font class="_mt"> </font><font class="_mt"> </font>8,025</p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 0.8in; padding-right: 2.35pt; padding-top: 0in;" valign="bottom" width="77">
<p style="border-bottom: black 1px solid; text-align: right; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font class="_mt"> </font><font class="_mt"> </font>8,420</p></td></tr>
<tr><td style="padding-bottom: 0in; padding-left: 2.35pt; width: 423.05pt; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="564">
<p style="text-align: justify; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font class="_mt"> </font>Inventories, net</p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 0.8in; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="77">
<p style="border-bottom: black 3px double; text-align: right; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font class="_mt"> </font>$<font class="_mt"> </font>24,642</p></td>
<td style="padding-bottom: 0in; padding-left: 2.35pt; width: 0.8in; padding-right: 2.35pt; padding-top: 0in;" valign="top" width="77">
<p style="border-bottom: black 3px double; text-align: right; line-height: 93%; margin: 0in 0in 0pt; font-family: 'Times New Roman','serif'; font-size: 10pt;" class="MsoNormal"><font class="_mt"> </font>$<font class="_mt"> </font>22,503</p></td></tr></table> </div>
Note 4—Inventories
Inventories are stated at the lower of cost or market. Costs included in inventories consist of materials, labor and
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This element represents the complete disclosure related to 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.
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 3
-Section A
-Paragraph 9
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 6
-Subparagraph a, b, c
-Article 5
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