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Note 6 - Product Warranties | 12 Months Ended
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Oct. 31, 2023
Notes to Financial Statements |
Product Warranty Disclosure [Text Block] |
(6) | Product Warranties
The Company generally warrants its products against certain manufacturing and other defects in material and workmanship. These product warranties are provided for specific periods of time and are applicable assuming the product has not been subjected to misuse, improper installation, negligent handling or shipping damage. As of October 31, 2023 and 2022, the Company’s accrual for estimated product warranty claims totaled $80,000 and $75,000, respectively, and is included in accounts payable and accrued expenses. Warranty claims expense includes the costs to investigate claims and potential claims, and the costs to replace and/or repair product pursuant to claims, which can include claims not deemed valid by the Company. The accrued product warranty costs are based primarily on historical experience of actual warranty claims and costs as well as current information with respect to potential warranty claims and costs. Warranty claims expense for the years ended October 31, 2023, 2022 and 2021 totaled $89,548, $52,465 and $55,592, respectively. The following table summarizes the changes in the Company’s accrual for product warranties during the fiscal years ended October 31, 2023 and 2022:
|  | Years ended October 31, |
|  | 2023 |  |  | 2022 |
Balance at beginning of year |  | $ | 75,000 |  |  | $ | 75,000 |
Liabilities accrued for warranties issued during the year |  |  | 114,577 |  |  |  | 97,501 |
Warranty claims paid during the period |  |  | (84,548 | ) |  |  | (52,465 | )
Changes in liability for pre-existing warranties during the year |  |  | (25,029 | ) |  |  | (45,036 | )
Balance at end of year |  | $ | 80,000 |  |  | $ | 75,000 |
Optical Cable Corporation (OCC)

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