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INVENTORIES (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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| INVENTORIES [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Inventory |
Inventories include the following:
Inventories are recorded at the lower of cost, determined on the last-in, first-out method (LIFO), or market. At June 30, 2012, and December 31, 2011, current cost exceeded LIFO value by approximately $0.6 million and $2.3 million, respectively.
Inventories serving as collateral for the Company's line of credit with a domestic bank were $3.3 million and $4.8 million at June 30, 2012, and December 31, 2011, respectively (see Note 7).
Inventory included products in transit valued at approximately $2.5 million and $2.0 million at June 30, 2012, and December 31, 2011, respectively.
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