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Note 9 - Product Warranty | 6 Months Ended
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May 31, 2022
Notes to Financial Statements |
Product Warranty Disclosure [Text Block] |
| 9) | Product Warranty
The Company offers warranties of various lengths to its customers depending on the specific product and terms of the customer purchase agreement. The average length of the warranty period is one year from the date of purchase. The Company’s warranties require it to repair or replace defective products during the warranty period at no cost to the customer. Product warranty is included in the price of the product and provides assurance that the product will function in accordance with agreed-upon specifications. It does not represent a separate performance obligation under ASC 606. The Company records a liability for estimated costs that may be incurred under its warranties. The costs are estimated based on historical experience and any specific warranty issues that have been identified. Although historical warranty costs have been within expectations, there can be no assurance that future warranty costs will not exceed historical amounts. The Company periodically assesses the adequacy of its recorded warranty liability and adjusts the balance as necessary. The accrued warranty balance is included in accrued expenses as shown in Note 7 “Accrued Expenses.” Changes in the Company’s product warranty liability for the three and six months ended May 31, 2022 and May 31, 2021 are as follows:
|  | For the Three Months Ended |
|  | May 31, 2022 |  |  | May 31, 2021 |
Balance, beginning |  | $ | 115,062 |  |  | $ | 295,581 |
Settlements / adjustments |  |  | 73,088 |  |  |  | 44,807 |
Warranties issued |  |  | (98,601 | ) |  |  | (72,888 | )
Balance, ending |  | $ | 89,549 |  |  | $ | 267,500 |
|  | For the Six Months Ended |
|  | May 31, 2022 |  |  | May 31, 2021 |
Balance, beginning |  | $ | 202,850 |  |  | $ | 291,453 |
Settlements / adjustments |  |  | 94,712 |  |  |  | 78,313 |
Warranties issued |  |  | (208,013 | ) |  |  | (102,266 | )
Balance, ending |  | $ | 89,549 |  |  | $ | 267,500 |
The Company was carrying a larger warranty accrual in fiscal 2021 than historically reported due to a large construction project in the Modular Buildings segment. The warranty period for this project closed on April 9, 2022.

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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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