Note D - Inventories

9 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Inventory Disclosure [Text Block]

NOTE

D — INVENTORIES

Inventories consist of prime coil, non-standard coil and tubular materials. Prime coil

and non-standard coil inventories consist 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. The Company’s LIFO reserve was approximately

$6,051,000

at

December 31, 2017

and

$5,593,000

at

March 31, 2017.

The LIFO reserve signifies the difference between LIFO value used for financial reporting and the value under weighted average cost used for the Company’s internal perpetual inventory records. 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.

A summary of inventory values by product group follows:

	December 31, 201 7		March 31, 201 7
Prime Coil Inventory	$	13,320,717	$	8,481,605
Non-Standard Coil Inventory		3,236,378		1,119,170
Tubular Raw Material		4,922,377		1,480,730
Tubular Finished Goods		24,919,963		23,837,045
	$	46,399,435	$	34,918,550