Annual report pursuant to section 13 and 15(d)

INVENTORIES

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INVENTORIES
12 Months Ended
Dec. 31, 2011
INVENTORIES [Abstract]  
INVENTORIES
NOTE 5 – INVENTORIES

Inventories include the following at December 31:

   
2011
   
2010
 
             
Raw material
  $ 3,400,210     $ 4,023,324  
Finished products
    6,056,155       1,893,959  
                 
Total inventory
  $ 9,456,365     $ 5,917,283  

Inventory serving as collateral for the Company's line of credit with a domestic bank was $4.77 million and $4.08 million at December 31, 2011, and 2010, respectively (see Note 10).

At December 31, 2011, and 2010, current cost exceeded the LIFO value by approximately $2,277,000 and $2,274,000, respectively.