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Inventories

9 Months Ended

Nov. 30, 2012

5. INVENTORIES:

As of November 30, 2012, inventories consist of the following:

	Gross		Reserve			Net
Raw Materials	$	2,393,000	$	(450,000	)	$	1,943,000
Work-In-Process		3,075,000		(1,142,000	)		1,933,000
Finished Goods		608,000		(544,000	)		64,000
Totals	$	6,076,000	$	(2,136,000	)	$	3,940,000

As of February 29, 2012, inventories consist of the following:

	Gross		Reserve			Net
Raw Materials	$	1,525,000	$	(407,000	)	$	1,118,000
Work-In-Process		2,883,000		(1,065,000	)		1,818,000
Finished Goods		625,000		(579,000	)		46,000
Totals	$	5,033,000	$	(2,051,000	)	$	2,982,000

Net raw material inventory increased $825,000 for the nine months ended November 30, 2012 primarily due to raw materials received to meet an increase in customer orders (see Results of Operations-Nine Months ended November 30, 2012 Compared to Nine Months Ended November 30, 2011).

- 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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