RESTATEMENT OF PRIOR PERIOD FINANCIAL STATEMENTS (Tables)

12 Months Ended

May. 29, 2015

Accounting Changes and Error Corrections [Abstract]

Restatement Adjustments to Working Capital and Current Ratio Calculations

These restatement adjustments resulted in a change to the Company’s working capital and current ratio calculations as follows:

	May 30, 2014
	As Originally Reported		As Restated
Working capital	$	4,865,358.00	$	5,701,190.00
Current Ratio		1.32		1.38

Restatement Adjustments on Consolidated Balance Sheet

The following table sets forth the effects of the restatement adjustments discussed above on the Consolidated Balance Sheet at May 30, 2014.

	May 30, 2014
	As Originally Reported		As Restated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	1,160,630	$	1,160,630
Receivables:
Trade Accounts		11,333,609		11,333,609
Other		77,415		77,415
		11,411,024		11,411,024
Less: Allowance for doubtful accounts		70,000		70,000
		11,341,024		11,341,024
Inventories:
Raw materials		2,123,313		2,123,313
Finished goods		3,536,326		3,536,326
		5,659,639		5,659,639
Prepaid expenses		1,277,861		1,277,861
Deferred income taxes		559,672		1,395,504
Total current assets		19,998,826		20,834,658
PROPERTY, PLANT AND EQUIPMENT
Land		2,769,499		2,769,499
Buildings		18,804,228		18,804,228
Machinery and equipment		66,295,760		66,295,760
Transportation equipment		7,304,711		7,304,711
		95,174,198		95,174,198
Less: Accumulated depreciation		69,502,854		69,502,854
		25,671,344		25,671,344
OTHER ASSETS
Cash surrender value of life insurance		602,353		602,353
Other		1,207,743		1,207,743
Total other assets		1,810,096		1,810,096
Total Assets	$	47,480,266	$	48,316,098

		May 30, 2014
		As Originally Reported			As Restated
LIABILITIES AND STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Checks outstanding in excess of bank balances	$	1,971,076		$	1,971,076
Accounts payable		3,719,102			3,719,102
Current portion of long-term debt		369,979			369,979
Line of credit outstanding		2,528,511			2,528,511
Accrued income tax		378,659			378,659
Other accrued expenses		5,953,171			5,953,171
Salary continuation plan		212,970			212,970
Total current liabilities		15,133,468			15,133,468
LONG-TERM LIABILITIES
Notes payable - bank, non-current		4,944,233			4,944,233
Salary continuation plan		920,184			920,184
Deferred income taxes		2,969,389			3,805,221
Total long-term liabilities		8,833,806			9,669,638
STOCKHOLDER'S EQUITY
Common stock - $.66-2/3 par value:
Authorized 35,000,000 shares;
issued 13,828,793 shares		9,219,195			9,219,195
Additional paid-in capital		6,497,954			6,497,954
Retained earnings		18,728,462			18,728,462
Treasury shares -at cost  (2,537,036 shares in 2015, 2,096,161 shares in 2014)		(10,932,619	)		(10,932,619	)
Total stockholder's equity		23,512,992			23,512,992
Total liabilities and stockholders' equity	$	47,480,266		$	48,316,098