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EXCEL - IDEA: XBRL DOCUMENT - VIPER POWERSPORTS INCFinancial_Report.xls
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v2.4.0.6
Inventories
9 Months Ended
Sep. 30, 2012
Inventory Disclosure [Abstract]  
Inventory Disclosure [Text Block]

G. Inventories

 

Inventories are stated at the lower of cost or market. Cost is determined by using first-in, first-out method (FIFO). Demonstration motorcycles are stated at manufacturing cost with reserves recorded to reflect their net realizable value. The Company reviews inventory for obsolescence and excess quantities to determine that items deemed obsolete or in excess are appropriately reserved. Inventory components at September 30, 2012 are as follows:

 

September 30, 2012   VMC     PMFR     Total  
Raw material   $ 0     $ 10,000     $ 10,000  
Build components     592,957       0       592,957  
Finished goods     78,412       256,759       335,171  
      671,369       266,759     $ 938,128