8. INVENTORIES 9. ACCOUNTS RECEIVAblE Total inventories at the lower of cost and net realizable value on the statement of financial position are comprised of the following: Expenses recognized in cost of sales for inventories during the year are comprised of the following: The value of inventory subject to a reserve was $3.2 million (January 1, 2011: $4.1 million and as January 3, 2010: $3.6 million). Accounts receivable bear normal commercial credit terms, usually 30 days or less, and are non-interest bearing. The entire accounts  receivable balance is pledged as collateral for the Company’s short-term bank loans. As at December 31, 2011, trade receivables of an initial value of $0.2 million (January 1, 2011: $0.2 million; January 3, 2010: $0.3 million)  were impaired and fully provided for. See below for the movements in the position for impairment of receivables. 76 HIGH lIneR FooDS InCoRpoRAteD (Amounts in $000s) December 31, 2011 January 1, 2011  January 3, 2010 Finished goods – procured  $  87,094 $  46,457   $  51,156  Finished goods – manufactured  60,507  35,930  32,954  Raw and semi-finished material   98,299   36,790  22,581  Supplies, repair parts and other   9,566   6,550  6,309  Inventory in transit, paid in advance   5,864   6,253  6,308  $  261,330 $  131,980 $  119,308  (Amounts in $000s) December 31, 2011 January 1, 2011 Inventory costs recognized as an expense, during the year  $  516,920 $  448,063  Write down of inventories recognized as an expense, during the year:  Inventory reserves utilized   (947)   (659) New inventory reserves created   1,094   581  Unused inventory reserves reversed   (408)   (443) Total expenses recognized as cost of sales, during the year  $  516,659  $  447,542  (Amounts in $000s) December 31, 2011 January 1, 2011  January 3, 2010 Trade accounts receivable  $  78,642 $  46,540 $  55,305  Other accounts receivable  6,278  3,912  2,658  $  84,920  $  50,452 $  57,963  Individually  Collectively (Amounts in $000s) impaired  impaired Total At January 3, 2010  $  274  $  – $  274  New impairment reserves charged  23  22 45  Impairment reserves utilized  (6)   – (6) Unused impairment reserves reversed  (132)   – (132) At January 1, 2011  $  159 $   22 $  181  New impairment reserves charged  178  – 178  Impairment reserves utilized  (110)   –  (110) Reserves arising from acquisition  124 – 124  Unused impairment reserves reversed  (157)  – (157) At December 31, 2011  $  194 $  22 $  216