Note 4. Contracts in Process
Contracts in process at June 30, 2013 and 2012 are as follows:
| 2013 | 2012 | |||||||
| Gross contract value | $ | 42,069,522 | $ | 50,839,601 | ||||
| Costs related to contracts in process, net of progress payments | ||||||||
| of $146,916 in fiscal 2013 and $511,502 in fiscal 2012 | 9,159,493 | 9,480,595 | ||||||
Included in costs relating to contracts in process at June 30, 2013 and 2012 are costs of $4,155,629 and $2,925,245, respectively, relative to contracts that may not be completed within the ensuing year. Under the units-of-delivery method, the related sale and cost of sales will not be reflected in the statement of comprehensive income until the units under contract are shipped.