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Warranty Provisions | 12 Months Ended
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Mar. 31, 2018
Product Warranties Disclosures [Abstract] |
Warranty Provisions | NOTE 15 – WARRANTY PROVISIONS A return program for defective goods is negotiated with each of our wholesale customers on a year-to-year basis. Customers are either allowed to return defective goods within a specified period of time after shipment (between 6 and 9 months) or granted a “defective allowance” consisting of a fixed percentage (between 1% and 5%) off of invoice price in lieu of returning defective products. The Company records liabilities for its return goods programs and defective goods allowance program at the time of sale for the estimated costs that may be incurred. The liability for defective goods is included in warranty provisions on the Consolidated Balance Sheets. Changes in the Company’s warranty provision are presented in the following table:
|  | Fiscal Year Ended |
|  | March 31, 2018 |  |  | March 31, 2017 |
Estimated warranty provision at beginning of year |  | $ | 223,700 |  |  | $ | 292,500 |
Costs accrued for future estimated returns |  |  | 1,239,186 |  |  |  | 1,248,670 |
Returns received |  |  | (1,216,046 | ) |  |  | (1,317,470 | )
Estimated warranty provision at end of year |  | $ | 246,840 |  |  | $ | 223,700 |

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