INVENTORIES |
9 Months Ended | ||||||||||||||||||||||||||||||||||||
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Sep. 30, 2011 | |||||||||||||||||||||||||||||||||||||
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 September 30, 2011, and December 31, 2010, current cost exceeded LIFO value by approximately $3,156,000 and $2,274,000, respectively.
Inventories serving as collateral for the Company's line of credit with a domestic bank were $4.66 million and $4.08 million at September 30, 2011, and December 31, 2010, respectively (see Note 7).
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