Note B - Change in Accounting Principle (Tables)

6 Months Ended

Sep. 30, 2018

Notes Tables

Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]

	As Originally Reported			Effect of Change			As Adjusted
Consolidated Statement of Operations, Three Months Ended September 30, 2017
Cost of goods sold		24,700,540			(123,241	)		24,577,299
Income tax provision		146,981			37,946			184,927
Net earnings		310,039			85,295			395,334
Net earnings per share:
Basic		0.04			0.01			0.05
Diluted		0.04			0.01			0.05
Consolidated Statement of Operations, Six Months Ended September 30, 2017
Cost of goods sold		46,520,386			(403,128	)		46,117,258
Income tax provision		205,765			124,123			329,888
Net earnings		480,659			279,005			759,664
Net earnings per share:
Basic		0.07			0.04			0.11
Diluted		0.07			0.04			0.11
Consolidated Statement of Cash Flows, Six Months Ended September 30, 2017
Net earnings		480,659			279,005			759,664
Change in inventories		(5,224,616	)		(403,128	)		(5,627,744	)
Change in deferred income taxes		205,765			108,483			314,248
Change in income taxes payable		-			15,640			15,640
Consolidated Balance Sheet, as of March 31, 2018
Inventories		38,039,332			7,290,102			45,329,434
Deferred income tax liability		103,198			1,768,968			1,872,166
Retained earnings		31,190,246			5,521,134			36,711,380

	As Computed Under LIFO		As Computed Under Average Cost		Effect of Change
Consolidated Statement of Operations, Three Months Ended September 30, 2018
Earnings before income taxes		1,448,925		2,645,625		1,196,700
Income tax provision		353,190		644,709		291,519
Net earnings		1,095,735		2,000,916		905,181
Net earnings per share:
Basic		0.16		0.29		0.13
Diluted		0.16		0.29		0.13
Consolidated Statement of Operations, Six Months Ended September 30, 2018
Earnings before income taxes		3,549,365		7,408,138		3,858,773
Income tax provision		867,318		1,807,329		940,011
Net earnings		2,682,047		5,600,809		2,918,762
Net earnings per share:
Basic		0.38		0.80		0.42
Diluted		0.38		0.80		0.42