INVENTORIES
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Jun. 30, 2013
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INVENTORIES [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES |
5. INVENTORIES
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, 2013, and December 31, 2012, current cost exceeded LIFO value by approximately $1.4 million and $2.2 million, respectively.
Inventories serving as collateral for the Company’s line of credit with a domestic bank were $4.6 million and $5.1 million at June 30, 2013, and December 31, 2012, respectively (see Note 8).
Inventory included products in transit valued at approximately $4.6 million and $2.9 million at June 30, 2013, and December 31, 2012, respectively.
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