Income Taxes (Tables)

12 Months Ended

Mar. 31, 2015

Income Tax Disclosure [Abstract]

Components of Tax Expense (Benefit)

Components of tax expense (benefit) are as follows:

	Year Ended March 31
	2015			2014
Federal
Current	$	519,271		$	863,049
Deferred		(377,356	)		(172,281	)
		141,915			690,768
State
Current		161,571			133,014
		161,571			133,014
Total	$	303,486		$	823,782

Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate

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

	Year Ended March 31
	2015			2014
Income tax expense at U.S. federal statutory rate		34.0	%		34.0	%
Benefit of tax deduction allowed to manufacturing companies		(7.0	)		(3.0	)
Other		(1.0	)		—
Current year state and local income taxes net of federal income tax benefit		7.3			1.5
True up during the current year of income taxes on prior year filing		11.0			—
Provision for income taxes		44.3	%		32.5	%

Significant Components of Consolidated Deferred Tax Assets (Liabilities)

Significant components of the Company’s consolidated deferred tax assets (liabilities) are as follows:

	March 31
	2015			2014
Deferred tax liabilities:
Depreciation	$	(1,231,047	)	$	(1,555,000	)
Total deferred tax liabilities		(1,231,047	)		(1,555,000	)
Deferred tax assets:
Inventory capitalization		201,094			170,000
LIFO Inventory		783,645			785,000
Postretirement benefits other than pensions		370,562			344,000
Other		63,104			66,002
Total deferred tax assets		1,418,405			1,365,002
Net deferred tax asset (liability)	$	187,358		$	(189,998	)