6. Inventories are stated at the lower of cost or net realizable value, cost being determined by the first-in, first-out method.
A summary of inventories is as follows:
June 30, 2023
December 31, 2022
Raw material
$ 4,466,826
$ 4,460,071
Work-in-process
2,939,353
2,747,427
Finished goods
2,638,064
2,534,732
Inventories, gross
10,044,243
9,742,230
Valuation reserves
(621,000)
Inventories, net
$ 9,423,243
$ 9,121,230
No definition available.
The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//330/tableOfContent