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Inventories

12 Months Ended

Dec. 31, 2011

NOTE 3 – INVENTORIES

Inventories at December 31, 2011 and 2010 consisted of the following:

	2011			2010
Raw materials	$	5,606,073		$	3,249,263
Work-in-progress		7,919,403			12,441,619
Finished goods		23,916,206			10,798,753
		37,441,682			26,489,635
Less: allowance for obsolete inventories		(566,878	)		(278,921	)
Total inventories	$	36,874,804		$	26,210,714

- 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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