Income Taxes

12 Months Ended

Mar. 31, 2012

Income Taxes [Abstract]

INCOME TAXES

5.   INCOME TAXES

Components of tax expense (benefit) are as follows:

	Year Ended March 31
	2012			2011
Federal
Current	$	3,752,504		$	3,531,397
Deferred		(90,700	)		122,296
		3,661,804			3,653,693
State
Current		394,292			304,383
		394,292			304,383
Total	$	4,056,096		$	3,958,076

The U.S. federal statutory income tax rate is reconciled to the effective rate as follows:

	Year Ended March 31
	2012			2011
Income Tax Expense at U.S. federal statutory rate		34.0	%		34.0	%
Benefit of tax deduction allowed to manufacturing companies		(3.0	)		(3.0	)
State and local income tax rates net of federal income tax benefit		2.2			1.7
Provision for income taxes		33.2	%		32.7	%

The Company’s tax returns may be subject to examination by the Internal Revenue Service for the fiscal years ending March 31, 2009 through March 31, 2011. State and local returns may be subject to examination for fiscal years ended March 31, 2009 through March 31, 2011.

Deferred income taxes are provided for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s consolidated deferred tax assets (liabilities) are as follows:

	March 31
	2012			2011
Deferred tax liabilities:
Depreciation	$	(1,756,129	)	$	(1,812,570	)
Total deferred tax liabilities		(1,756,129	)		(1,812,570	)
Deferred tax assets:
Inventory capitalization		173,990			169,092
LIFO Inventory		788,145			783,645
Postretirement benefits other than pensions		290,271			264,365
Other		57,724			58,769
Total deferred tax assets		1,310,130			1,275,871
Net deferred tax liability	$	(445,999	)	$	(536,699	)