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INVENTORY VALUATION | 3 Months Ended
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Mar. 31, 2018
Inventory Disclosure [Abstract] |
INVENTORY VALUATION | INVENTORY Inventories in the Condensed Consolidated Balance Sheet is comprised of the following components:
| March 31, 2018 |  | December 31, 2017
Raw materials | $ | 115,278 |  |  | $ | 97,577 |
Work-in-process | 55,309 |  |  | 50,695 |
Finished goods | 210,943 |  |  | 200,395 |
Total | $ | 381,530 |  |  | $ | 348,667 |
The valuation of last-in, first-out ("LIFO") method inventories is made at the end of each year based on inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs. Actual year-end inventory levels and costs may differ from interim LIFO inventory valuations. At March 31, 2018 and December 31, 2017, approximately 33% and 32% of total inventories were valued using the LIFO method, respectively. The excess of current cost over LIFO cost was $69,553 at March 31, 2018 and $68,641 at December 31, 2017.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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