Veru Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Note 3 - Inventories

Note 3 - Inventories

12 Months Ended

Sep. 30, 2013

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

Note 3. Inventory

The components of inventory consist of the following at September 30, 2013 and 2012:

	2013			2012

Raw material	$	868,742		$	523,201
Work in process		77,782			57,102
Finished goods		1,554,026			927,706
Inventory, gross		2,500,550			1,508,009
Less: inventory reserves		(41,133	)		(49,810	)
Inventory, net	$	2,459,417		$	1,458,199

The change in the inventory reserve for the years ended September 30 is as follows:

	Balance at		Charged to Costs							Balance at
Year	October 1		and Expenses			Write-offs				September 30
2011	$	15,464	$	177,726			$	(117,237	)	$	75,952
2012	$	75,952	$	128,360			$	(154,502	)	$	49,810
2013	$	49,810	$	(6,662	)		$	(2,015	)	$	41,133

- 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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