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11. REVENUE RECOGNITION (Tables)

12 Months Ended

Feb. 28, 2018

Revenue from Contract with Customer [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]

As a result of applying Topic 606, the impact to the Company’s balance sheet as of February 28, 2018 was as follows:

										Without
		As Reported				Adjustments				Adoption
ASSETS
Accounts receivable-Net		$	2,913,700			$	(99,900	)		$	2,813,800
Inventories-Net			26,618,600				(100	)			26,618,500
Prepaid expenses and other assets			1,259,000				(117,000	)			1,142,000
Total current assets			33,514,600				(217,000	)			33,297,600
TOTAL ASSETS			61,837,900				(217,000	)			61,620,900
LIABILITIES
Other current liabilities			3,517,900				(217,000	)			3,300,900
Total liabilities			41,435,800				(217,000	)			41,218,800

										Without
		As Reported				Adjustments				Adoption
GROSS SALES		$	139,040,400			$	(13,193,200	)		$	125,847,200
Less discounts and allowances			(38,103,500	)			13,174,700				(24,928,800	)
Transportation revenue			11,047,700				-				11,047,700
NET REVENUES			111,984,600				(18,500	)			111,966,100
COST OF GOODS SOLD			35,824,300				(4,893,000	)			30,931,300
Gross margin			76,160,300				4,874,500				81,034,800
OPERATING EXPENSE:
Operating and selling			17,694,700				4,876,500				22,571,200
Sales commissions			35,359,000				-				35,359,000
General and administrative			15,736,300				-				15,736,300
Total operating expenses			68,790,000				4,876,500				73,666,500
INTEREST EXPENSE			1,119,500				-				1,119,500
OTHER INCOME			(1,581,900	)			(2,000	)			(1,583,900	)
EARNINGS BEFORE INCOME TAXES			7,832,700				-				7,832,700
INCOME TAXES			2,618,000				-				2,618,000
NET EARNINGS		$	5,214,700			$	-			$	5,214,700

										Without
		As Reported				Adjustments				Adoption
GROSS SALES		$	121,364,700			$	(13,193,900	)		$	108,170,800
Less discounts and allowances			(28,657,900	)			13,175,400				(15,482,500	)
Transportation revenue			11,010,300				-				11,010,300
NET REVENUES			103,717,100				(18,500	)			103,698,600
COST OF GOODS SOLD			31,132,800				(4,893,000	)			26,239,800
Gross margin			72,584,300				4,874,500				77,458,800
OPERATING EXPENSE:
Operating and selling			14,509,500				4,875,500				19,385,000
Sales commissions			35,043,200				-				35,043,200
General and administrative			3,602,000				-				3,602,000
Total operating expenses			53,154,700				4,875,500				58,030,200
OPERATING INCOME		$	19,429,600			$	(1,000	)		$	19,428,600

										Without
		As Reported				Adjustments				Adoption
GROSS SALES		$	17,675,700			$	700			$	17,676,400
Less discounts and allowances			(9,445,600	)			(700	)			(9,446,300	)
Transportation revenue			37,400				-				37,400
NET REVENUES			8,267,500				-				8,267,500
COST OF GOODS SOLD			4,691,500				-				4,691,500
Gross margin			3,576,000				-				3,576,000
OPERATING EXPENSE:
Operating and selling			987,500				-				987,500
Sales commissions			315,700				-				315,700
General and administrative			509,600				-				509,600
Total operating expenses			1,812,800				-				1,812,800
OPERATING INCOME		$	1,763,200			$	-			$	1,763,200

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Tabular 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.

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