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Inventories

12 Months Ended

Apr. 30, 2012

NOTE D—INVENTORIES

Inventories consist of the following at April 30:


	2012		2011
Finished products	$	10,271,704	$	10,862,889
Work in process		2,101,341		2,280,209
Raw materials		27,343,433		33,720,490

		39,716,478		46,863,588
Less obsolescence reserve		1,878,100		1,841,748

	$	37,838,378	$	45,021,840

Changes in the Company’s inventory obsolescence reserve are as follows:


	2012		2011
Beginning balance	$	1,841,748	$	1,897,320
Provision for obsolescence		36,352		—
Write-offs		—		(55,572	)

	$	1,878,100	$	1,841,748

- 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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