Annual report pursuant to section 13 and 15(d)

INVENTORIES

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INVENTORIES
12 Months Ended
Dec. 31, 2013
INVENTORIES [Abstract]  
INVENTORIES
 
NOTE 6 – INVENTORIES

Inventories include the following at December 31:

   
2013
   
2012
 
   
(thousands of dollars)
 
             
Raw material
  $ 2,403     $ 3,591  
Finished products
    9,660       6,249  
                 
Total inventory
  $ 12,063     $ 9,840  

Inventory serving as collateral for our line of credit with a domestic bank was $4.9 million and $5.1 million at December 31, 2013, and 2012, respectively (see Note 10).

At December 31, 2013, and 2012, current cost exceeded the LIFO value by approximately $1.5 million and $2.2 million, respectively.

Inventory included products in transit valued at approximately $4.4 million and $2.9 million at December 31, 2013, and 2012, respectively.