Inventories

6 Months Ended

Jun. 30, 2012

Inventories [Abstract]

Inventories

6. Inventories

Inventory costs are determined using the last-in, first-out (“LIFO”) method for substantially all U.S. inventories. The current cost of this inventory under the first-in, first-out (“FIFO”) method was $442,128 and $560,756 at December 31, 2011 and June 30, 2012, respectively. These FIFO values have been reduced by approximately $236,532 and $253,828 at December 31, 2011 and June 30, 2012, respectively, to arrive at the LIFO value reported on the Condensed Consolidated Balance Sheets. The remaining inventories have been valued under the FIFO or average cost method. All inventories are stated at the lower of cost or market.