Inventories

3 Months Ended

Mar. 31, 2012

	March 31,		December 31,
	2012		2011
Construction in progress (1)	$	511,813,690	$	447,016,943
Apartments for sale		12,820,039		13,062,850
Advances to subcontractors (net of allowance for
doubtful accounts of approximately $1,016,000 and
$925,000 as of March 31, 2012 and December 31, 2011, respectively)		3,663,915		5,046,361
Construction materials (road base)		450,208		430,171
Construction materials (residential buildings)		448,989		399,632
Total inventories	$	529,196,841	$	465,955,957

(1)	Costs in excess of billings are included in construction in progress. The table below summarizes total costs incurred on uncompleted contracts, estimated earnings for each period and amount of costs in excess of billings as of each balance sheet date.

	March 31,		December 31,
	2012		2011
Total costs	$	518,632,572	$	575,228,784
Estimated earnings		22,131,648		52,749,660
		540,764,220		627,978,444
Billings to date		28,950,530		180,961,501
Costs in excess of billings	$	511,813,690	$	447,016,943

- 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

UNR HOLDINGS INC 10-Q