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Inventories

9 Months Ended

Dec. 31, 2013

(4) Inventories at December 31, 2013 and March 31, 2013 consisted of:


	December 31, 2013		March 31, 2013
Raw materials	$	7,697,141	$	8,097,342
Work-in-process		126,976		356,696
Finished products		2,430,957		2,544,423
	$	10,255,074	$	10,998,461

Our inventories are subject to obsolescence and potential impairment due to bulk purchases in excess of customers’ requirements. We periodically assess our inventories for recovery of carrying value based on available information, expectations and estimates, and adjust inventory carrying values to the lower of cost or market for estimated declines in the realizable value. There was no impairment for obsolete inventory during the nine month periods ended December 31, 2013 and 2012.

- 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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