Note 8 - Inventories

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Inventory Disclosure [Text Block]

8.

  

Inventories

Inventories are stated at the lower of cost or net realizable value. Cost is determined using standard costs which approximate costing determined on a

first

-in,

first

out basis. Standard costs are reviewed and adjusted periodically and at year end based on actual direct and indirect production costs. On a periodic basis, the Company reviews its inventory for estimated obsolescence or unmarketable items, primarily by reviewing future demand requirements and shelf life of the product.

Inventories of continuing operations are comprised of the following:

	December 31, 2020			December 31, 2019
Raw materials	$	1,177,000		$	1,545,000
Work in Process		2,799,000			3,110,000
Finished Goods		7,224,000			9,134,000
In Transit		88,000			100,000
Allowance for excess quantities		(318,000	)		(352,000	)
Total inventories	$	10,970,000		$	13,537,000