INVENTORIES (Notes)

12 Months Ended

Jun. 30, 2017

Inventory Disclosure [Abstract]

Inventories

As of June 30, 2017 and 2016, the Company’s inventory was valued using the lower of last-in, first-out (“LIFO”) cost or market.  If the first-in, first-out (“FIFO”) method of inventory accounting had been used by the Company for inventories valued at LIFO, inventories would have been $0 and $471,174 higher than reported at June 30, 2017 and 2016, respectively. 

The components of inventories at June 30, 2017 and 2016 were as follows:

	2017			2016
Raw materials	$	2,900,499		$	3,466,907
Finished goods	7,895,561			7,570,026
	10,796,060			11,036,933
Reserve for obsolete inventory	(2,450,717		)	(2,441,448		)
Total inventories	$	8,345,343		$	8,595,485