Note 4 - Inventories

12 Months Ended

Dec. 31, 2012

4. Inventories:

At December 31, 2012, the Company valued its inventory at CTI subject to the LIFO method based on the inventory levels and costs at that time. The Company did not record a LIFO adjustment at December 31, 2012 because the inventory prices and quantities were below July 1, 2012 levels. As a result, there was no LIFO reserve at December 31, 2012.

Inventories consisted of the following:

	As of December 31,
	2012		2011
Unprocessed	$	215,526	$	207,301
Processed and finished		74,497		70,464
Totals	$	290,023	$	277,765

- 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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