Veru Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Note 3 - Inventory

Note 3 - Inventory

9 Months Ended

Jun. 30, 2013

Inventory Disclosure [Text Block]

Inventory Disclosure [Text Block]

NOTE 3 - Inventory

Inventory consists of the following components at June 30, 2013 and September 30, 2012:

	June 30, 2013			September 30, 2012
Raw material	$	1,068,925		$	523,201
Work in process		85,730			57,102
Finished goods		1,695,141			927,706
Inventory, gross		2,849,796			1,508,009
Less: inventory reserves		(33,427	)		(49,810	)
Inventory, net	$	2,816,369		$	1,458,199

- 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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