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Inventories

3 Months Ended

Sep. 30, 2014

Inventory Disclosure [Abstract]

3.	Inventories

The components of inventories include the following:

		September 30, 2014				June 30, 2014

Raw materials		$	1,702,115			$	1,659,893
Work in process			1,143,488				865,041
Finished goods			951,320				1,063,126
Reserve for obsolescence			(282,558	)			(265,077	)
		$	3,514,365			$	3,322,983

In the second quarter of fiscal 2014, we changed our classification of tooling cost associated with inventory costs. Tooling costs are now classified as a direct inventory cost into specific products through our production costing process. This reclassification resulted in gross tooling costs of $889,000, less accumulated amortization of approximately $463,000, being reclassified from fixed assets and $20,102 being reclassified from prepaid expenses into inventory during the second quarter of 2014.

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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