Note 4 - Inventories

12 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Inventory Disclosure [Text Block]

4. INVENTORIES

Effective

June 30, 2019,

the Company changed its accounting principle for inventory and discontinued the use of the

last-in,

first

-out ("LIFO") method for inventory valuation and adopted the

first

-in,

first

-out ("FIFO") method of 

inventory

.  The FIFO value is preferred due to it being more reflective of the actual cost.  This change in accounting principle did

not

change the inventory valuation as of

June 30, 2018

or

June 30, 2019

as the LIFO reserve was

$0

as of both dates.  The results of operations for the years ended

June 30, 2018

and

June 30, 2019

were

not

impacted by discontinuing the use of LIFO since the LIFO reserve was reduced to

$0

effective

June 30, 2017

. 

As of 

June 30,

2019

and

2018

, the Company

’s inventory was recorded using the lower of

FIFO cost or

net realizable value

. The components of inventories at 

June 30, 

2019

and

2018

were as follows:

	2019			2018
Raw materials	$	1,848,340		$	2,717,862
Finished goods		6,604,408			6,057,703
		8,452,748			8,775,565
Reserve for obsolete inventory		(1,601,300	)		(2,636,886	)
Total inventories	$	6,851,448		$	6,138,679