Quarterly report pursuant to Section 13 or 15(d)

Inventories

Inventories

3 Months Ended

Oct. 31, 2011

(7) Inventories

Inventories are valued at the lower of cost or market, with costs determined by the first-in, first-out method. Inventories at October 31, 2011 and April 30, 2011 consist of the following categories:

	October 31, 2011		April 30, 2011
Raw materials	$	2,339,000	$	3,229,000
Work in process		8,000		36,000
Finished goods		2,261,000		2,197,000
	$	4,608,000	$	5,462,000

- 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.

+ References + Details