INVENTORIES
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9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2012
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INVENTORIES [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||
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 September 30, 2012, and December 31, 2011, current cost exceeded LIFO value by approximately $1.8 million and $2.3 million, respectively.
Inventories serving as collateral for the Company's line of credit with a domestic bank were $5.1 million and $4.8 million at September 30, 2012, and December 31, 2011, respectively (see Note 7).
Inventory included products in transit valued at approximately $2.9 million and $2.0 million at September 30, 2012, and December 31, 2011, respectively.
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