SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2017

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of major components of inventories

	Dec 31, 2017		Dec 31, 2016
Raw materials	$	1,428,924	$	1,438,471
Work-in-progress		423,186		355,208
Finished goods		1,416,547		1,319,856
Reduction to LIFO cost		(1,182,592)		(1,127,363)
Total Inventories	$	2,086,065	$	1,986,172

Schedule of estimated useful lives of property, plant and equipment

	Years
Buildings	15-40
Machinery and equipment	5-10
Office equipment	3-10
Vehicles	3

Schedule of remaining estimated weighted average useful lives of intangible assets

As of December 31, 2017, the remaining estimated weighted average useful lives of intangible assets are as follows:

	Years
Patents	10.6
Licenses	0.3

Summary of shares used in the calculation of diluted EPS

	2017	2016
Weighted average common shares outstanding	2,007,613	2,018,649
Dilutive effect of stock options	—	—
Weighted average common and common equivalent shares outstanding	2,007,613	2,018,649