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INVENTORIES
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Jun. 30, 2014
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| INVENTORIES [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| INVENTORIES |
4. 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, 2014, and December 31, 2013, current cost exceeded LIFO value by approximately $2.4 million and $1.5 million, respectively.
Inventories serving as collateral for the Company’s line of credit with a domestic bank were $4.4 million and $4.9 million at June 30, 2014, and December 31, 2013, respectively (see Note 7).
Inventory included products in transit valued at approximately $5.8 million and $4.4 million at June 30, 2014, and December 31, 2013, respectively.
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