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Note 4 - Inventory

3 Months Ended

Jul. 31, 2013

4. INVENTORY

Inventories are stated at the lower of cost or fair value, using the first-in, first-out (FIFO) method. Inventories, net of reserves of approximately $677,000 and $682,000 for the periods ended July 31, 2013 and April 30, 2013, respectively, are summarized by major classification as follows (in thousands):

	July 31, 2013		April 30, 2013
Raw material	$	2,825	$	2,395
Work-in-process		1,602		1,409
Finished goods		2,410		2,434
	$	6,837	$	6,238

- 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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