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

Quarterly report pursuant to Section 13 or 15(d)

Inventory

Inventory

9 Months Ended

Jun. 30, 2014

Inventory [Abstract]

Inventory

NOTE 3 - Inventory

Inventory consists of the following components at June 30, 2014 and September 30, 2013:



	June 30, 2014		September 30, 2013

Raw material	$	852,235	$	868,742
Work in process		49,050		77,782
Finished goods		2,151,492		1,554,026
Inventory, gross		3,052,777		2,500,550
Less: inventory reserves		(23,360)		(41,133)
Inventory, net	$	3,029,417	$	2,459,417

- 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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