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SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Jun. 29, 2019
Accounting Policies [Abstract] |
New Accounting Pronouncements and Changes in Accounting Principles | The cumulative effect of change made to our July 1, 2018 consolidated balance sheet for the adoption of ASC 606 was as follows:
Consolidated Balance Sheet |  |  |  |
|  | Impact of Adopting ASC 606
(Unaudited, in thousands) |  | Balance at June 30, 2018 | Adjustments | Balance at July 1, 2018
ASSETS |  |  |  |
Contract assets |  | — |  | 11,906 |  | 11,906 |
Inventories |  | 110,315 |  | (11,210 | ) | 99,105 |
Deferred income tax asset |  | 7,882 |  | (167 | ) | 7,715 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |
Retained earnings |  | 72,806 |  | 529 |  | 73,335 |
The following tables summarize the impacts of ASC 606 adoption on the Company’s consolidated balance sheets and consolidated statements of income (loss):
Consolidated Balance Sheet |  |  |  |
As of June 29, 2019 |  |  |  |
|  | Impact of Adopting ASC 606
(Unaudited, in thousands) |  | As Reported | 606 Adjustment | Balance without 606 Adoption
ASSETS |  |  |  |
Contract assets |  | 22,161 |  | (22,161 | ) | — |
Inventories |  | 100,431 |  | 19,563 |  | 119,994 |
Deferred income tax asset |  | 7,840 |  | 167 |  | 8,007 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |
Retained earnings |  | 65,353 |  | 2,431 |  | 62,922 |
Consolidated Statement of Income (Loss) |  |
|  | Impact of Adopting ASC 606
(Unaudited, in thousands) |  | Twelve Months Ended June 29, 2019
| As Reported |  | 606 Adjustment |  | Balance without 606 Adoption
Net sales |  | $ | 464,044 |  |  | $ | 10,254 |  |  | $ | 453,790 |
Cost of sales |  | 429,443 |  |  | 8,353 |  |  | 421,090 |
Gross profit |  | 34,601 |  |  | 1,901 |  |  | 32,700 |
Net income |  | $ | (7,982 | ) |  | $ | 1,901 |  |  | $ | (9,883 | )
For the fiscal year ended June 29, 2019, the reported revenue and gross profit was approximately $464.0 million, and $34.6 million; respectively. This reflects the adoption of ASC 606 as revenue and gross profit would have been $10.3 million and $1.9 million less without ASC 606 adoption; respectively. This is primarily due to the change from 'point-in-time' to 'over-time' recognition as the standard requires. There was not a material tax impact for the twelve months ended June 29, 2019 from adopting ASC 606. The Company applies the following practical expedients: The Company elected to not disclose information about remaining performance obligations as its performance obligations generally have an expected durations of one year or less.

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- Definition The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
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