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PRODUCT WARRANTY | 12 Months Ended
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Jul. 31, 2018
Guarantees and Product Warranties [Abstract] |
PRODUCT WARRANTY | 11. PRODUCT WARRANTY The Company generally provides retail customers of its products with a one-year or two-year warranty covering defects in material or workmanship, with longer warranties on certain structural components. The Company records a liability based on its best estimate of the amounts necessary to settle future and existing claims on products sold as of the balance sheet date. Factors used in estimating the warranty liability include a history of units sold, existing dealer inventory, average cost incurred and a profile of the distribution of warranty expenditures over the warranty period. Management believes that the warranty liabilities are appropriate. However, actual claims incurred could differ from estimates, requiring adjustments to the liabilities. Warranty liabilities are reviewed and adjusted as necessary on at least a quarterly basis. Changes in our product warranty liabilities are as follows:
|  | 2018 |  |  | 2017 |  |  | 2016 |
Beginning balance |  | $ | 216,781 |  |  | $ | 201,840 |  |  | $ | 108,206 |
Provision |  |  | 259,845 |  |  |  | 195,799 |  |  |  | 114,119 |
Payments |  |  | (211,698 | ) |  |  | (180,858 | ) |  |  | (110,092 | )
Acquisitions |  |  | – |  |  |  | – |  |  |  | 89,607 |
Ending balance |  | $ | 264,928 |  |  | $ | 216,781 |  |  | $ | 201,840 |

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- Definition The entire disclosure for standard and extended product warranties and other product guarantee contracts, including a tabular reconciliation of the changes in the guarantor's aggregate product warranty liability for the reporting period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -URI http://asc.fasb.org/topic&trid=2155896 + Details
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