Inventories

9 Months Ended

Mar. 31, 2014

Inventories

Inventories

3. Inventories

The components of inventories include the following:

	(Unaudited)
	March 31, 2014			June 30, 2013
Raw materials	$	1,334,418		$	628,956
Work in process		781,839			493,536
Finished goods		1,078,801			874,311
Reserve for obsolescence		(247,690	)		(226,122	)
	$	2,947,368		$	1,770,681

In the second quarter of fiscal 2014, gross tooling costs of $889,000, less accumulated amortization of approximately $463,000, were reclassified from fixed assets and $20,102 was reclassified from prepaid expenses into inventory. The value of tooling in raw materials is $720,210 at March 31, 2014.