Note C - Inventories

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Inventory Disclosure [Text Block]

NOTE C – INVENTORIES 

Inventories consist of the following:

	December 31,
	2019		2018
Raw materials	$	320,507	$	467,842
Work in process		81,002		30,057
Finished products		815,768		984,252
Total Inventories	$	1,217,277	$	1,482,151

Inventories are valued at the lower of cost and net realizable value. Cost is determined using the average cost method, which approximates cost determined by the

first

-in,

first

-out method. Finished product inventories at

December 31, 2019

and

December 31, 2018

are net of a reserve of

$35,000

and

$20,000

respectively, for slow-moving or obsolete inventory. At

December 31, 2019

and

2018,

the Company had an allowance of

$231,392

and

$160,533

respectively, for possible outdated material returns, which is included in accrued expenses.