Note 3 - Inventories

3 Months Ended

Jul. 31, 2017

Notes to Financial Statements

Inventory Disclosure [Text Block]

3.

 

Inventories: Inventories are priced at the lower of cost, determined on a

first

-in,

first

-out basis, or market. Inventories include material, labor and factory overhead required in the production of our products.

Inventory obsolescence is examined on a regular basis. When determining our estimate of obsolescence we consider inventory that has been inactive for

five

years or longer and the probability of using that inventory in future production. The obsolete inven

tory generally consists of Falcon and Learjet parts and electrical components.  At

July 31, 2017

and

April 30, 2017,

the estimate of obsolete inventory was

$1,177

and

$1,177

respectively.