Inventory

6 Months Ended

Dec. 31, 2021

Inventory is stated at the lower of cost (first-in, first-out) or net realizable value, and consists of materials, labor and overhead. On a quarterly basis, the Company uses consistent methodologies to evaluate inventory for net realizable value. Once an item is written down, the value becomes the new inventory cost basis. The Company reduces the value of inventory for excess and obsolete inventory, consisting of on-hand inventory in excess of estimated usage. The excess and obsolete inventory evaluation is based upon assumptions about future demand, historical usage, product mix and possible alternative uses. Inventory was comprised of the following:


	As of
		December 31, 2021		July 2, 2021
Raw materials		$	159,780	$	141,774
Work in process		64,706		58,087
Finished goods		26,786		21,779
Total		$	251,272	$	221,640