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INVENTORIES:

9 Months Ended

Nov. 30, 2011

5.	INVENTORIES:

As of November 30, 2011, inventories consist of the following:

	Gross		Reserve			Net
Raw Materials	$	1,471,000	$	(403,000	)	$	1,068,000
Work-In-Process		2,971,000		(1,096,000	)		1,875,000
Finished Goods		545,000		(523,000	)		22,000
Totals	$	4,987,000	$	(2,022,000	)	$	2,965,000

As of February 28, 2011, inventories consist of the following:

	Gross		Reserve			Net
Raw Materials	$	1,639,000	$	(403,000	)	$	1,236,000
Work-In-Process		2,732,000		(990,000	)		1,742,000
Finished Goods		571,000		(518,000	)		53,000
Totals	$	4,942,000	$	(1,911,000	)	$	3,031,000

- 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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