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PRODUCT WARRANTIES | 12 Months Ended
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May 31, 2022
PRODUCT WARRANTIES |
PRODUCT WARRANTIES | 14. PRODUCT WARRANTIES: The Company provides for the estimated cost of product warranties at the time revenues are recognized on the products shipped. While the Company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its component suppliers, the Company’s warranty obligation is affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure. Should actual product failure rates, material usage or service delivery costs differ from the Company’s estimates, revisions to the estimated warranty liability would be required. The standard warranty period is one year for systems and ninety days for parts and service. Following is a summary of changes in the Company’s liability for product warranties during the fiscal years ended May 31, 2022 and 2021 (in thousands):
|  | May 31, |
|  | 2022 |  |  | 2021 |
Balance at the beginning of the year |  | $ | 494 |  |  | $ | 246 |
Accruals for warranties issued during the year |  |  | 465 |  |  |  | 390 |
Adjustment to previously existing warranty |  |  | 98 |  |  |  | 346 |
Consumption of reserves |  |  | (647 | ) |  |  | (488 | )
Balance at the end of the year |  | $ | 410 |  |  | $ | 494 |
The accrued warranty balance is included in accrued expenses on the consolidated balance sheets.

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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 https://asc.fasb.org/topic&trid=2155896 + Details
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