Inventories

3 Months Ended

Mar. 31, 2012

NOTE 3 INVENTORIES

Inventories at March 31, 2012 and December 31, 2011 consisted of the following:

	March 31, 2012		December 31, 2011
Raw materials	$	6,518,806	$	5,606,073
Work-in-progress		8,729,433		7,919,403
Finished goods		17,462,957		23,916,206
		32,711,196		37,441,682
Less: allowance for obsolete inventories		(620,041)		(566,878	)
Total inventories	$	32,091,155	$	36,874,804

- 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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