Note C - Inventories

9 Months Ended

Dec. 31, 2020

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 average cost method. Cost for non-standard coil inventory is determined using the specific identification method. Cost for tubular inventory is determined using the average cost method. All inventories are valued at the lower of cost or net realizable value.

A summary of inventory values by product group follows:

	December 31, 2020		March 31, 2020
Prime Coil Inventory	$	15,459,864	$	17,190,435
Non-Standard Coil Inventory		2,178,029		1,550,734
Tubular Raw Material		2,671,140		4,888,542
Tubular Finished Goods		9,821,287		12,038,532
	$	30,130,320	$	35,668,243

Tubular raw material inventory consists of hot-rolled steel coils that the Company will manufacture into pipe. Tubular finished goods inventory consists of pipe the Company has manufactured and new mill reject pipe the Company has purchased from U.S. Steel Tubular Products, Inc.