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INVENTORIES

12 Months Ended

Dec. 31, 2013

NOTE 6 – INVENTORIES

Inventories include the following at December 31:

	2013		2012
	(thousands of dollars)

Raw material	$	2,403	$	3,591
Finished products		9,660		6,249

Total inventory	$	12,063	$	9,840

Inventory serving as collateral for our line of credit with a domestic bank was $4.9 million and $5.1 million at December 31, 2013, and 2012, respectively (see Note 10).

At December 31, 2013, and 2012, current cost exceeded the LIFO value by approximately $1.5 million and $2.2 million, respectively.

Inventory included products in transit valued at approximately $4.4 million and $2.9 million at December 31, 2013, and 2012, respectively.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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