Note C - Inventories

9 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Inventory Disclosure [Text Block]

NOTE C — INVENTORIES

Inventories consist of prime coil, non-standard coil and tubular materials. Prime coil inventory consists primarily of raw materials, non-standard coil inventory consists primarily of raw materials and tubular inventory consists of both raw materials and finished goods. Cost for prime coil inventory is determined using the last-in,

first

-out (“LIFO”) method. Cost for non-standard coil inventory is determined using the specific identification method. Cost for tubular inventory is determined using the weighted average method. LIFO inventories are valued at the lower of cost or market. All other inventories are valued at the lower of cost or net realizable value. During the

nine

months ended

December

31,

2016,

LIFO inventories were liquidated. The Company anticipates partial replacement of LIFO inventories by

March

31,

2017

and has recorded a deferred debit of

$165,841

to reflect the difference between estimated replacement cost and LIFO cost.

A summary of inventory values by product group follows:

	December 31, 2016		March 31, 2016
Prime Coil Inventory	$	7,029,796	$	14,168,626
Non-Standard Coil Inventory		904,165		992,163
Tubular Raw Material		2,802,688		1,566,048
Tubular Finished Goods		23,826,857		25,212,291
	$	34,563,506	$	41,939,128