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INVENTORIES

6 Months Ended

May 31, 2013

NOTE 4 – INVENTORIES

Inventories are valued at the lower of cost or market with cost determined by the first-in, first-out method. Inventories consisted of the following (in thousands):

	May 31, 2013			November 30, 2012

Finished goods	$	16,376		$	19,887
Finished goods consigned to others	419			363
Work in progress	2,850			1,732
Raw materials	12,628			10,687
	32,273			32,669
Less allowance for obsolescence and slow moving items	(1,342		)	(1,351		)
	$	30,931		$	31,318

We did not record any charges to our inventory reserve allowance for the three and six months ended May 31, 2013 or year ended November 30, 2012.

- 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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