Inventories

12 Months Ended

Dec. 31, 2012

NOTE 3 - INVENTORIES

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

	December 31, 2012			December 31, 2011
Raw materials	$	5,687,612		$	5,606,073
Work-in-progress		7,296,733			7,919,403
Finished goods		36,770,852			23,916,206
		49,755,197			37,441,682
Less: allowance for obsolete inventories		(3,716,741	)		(566,878	)
Total inventories	$	46,038,456		$	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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