Inventories

6 Months Ended

Dec. 31, 2011

NOTE 3 – INVENTORIES

Inventories consist of the following:

	December 31, 2011		June 30, 2011
Raw materials	$	1,185,584	$	1,199,350
Work in process *		-		11,176,341	*
Finished goods		17,388,426		166,274

Total	$	18,574,010	$	12,541,965

*all Work in process was growing crops such as glutinous rice, peanuts and sesame at June 30, 2011 and harvested in August and October and thus transferred to finished goods as of December 31, 2011.

- 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

China New Greenfood Co., Ltd 10-Q