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Inventories

6 Months Ended

Dec. 31, 2011

5. Inventories

Inventories are stated at the lower of cost or market, with cost being determined by using the first-in, first-out method. We establish excess and obsolete inventory reserves based upon historical and anticipated usage. The components of inventories are as follows (in thousands):


		December 31,		June 30,
		2011		2011
Raw materials, net	$	3,543	$	2,238
Work-in-process		334		277
Finished goods		261		1,332
Total inventories	$	4,138	$	3,847

As of December 31, 2011 and June 30, 2011, some portion of our inventory was either obsolete or in excess of the current requirements based upon the planned level of sales for future years. Accordingly, we have reduced our gross raw materials inventory by $1,216,000 at December 31, 2011 and $1,176,000 at June 30, 2011 to the estimated net realizable value.

- 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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