Inventories

9 Months Ended

Sep. 30, 2012

NOTE 4 – INVENTORIES

Inventory is stated at the lower of cost or market. The cost is determined using the first-in first-out method. Costs of finished goods inventory include costs associated with the procurement and transportation of Soybean oil and other raw materials used in the manufacture of G2 Diesel.

As of September 30, 2012 (unaudited) and December 31, 2011 (audited) inventories are comprised of the following:

	2012		2011

Raw materials	$	234,968	$	240,223
Finished fuel		73,330		83,199

Total	$	308,298	$	323,422

- 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

11 GOOD ENERGY INC 10-Q/A