Note B - Adoption of New Accounting Pronouncements

3 Months Ended

Jun. 25, 2017

Notes to Financial Statements

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

NOTE B – ADOPTION OF NEW ACCOUNTING PRONOUNCEMENTS

In

July 2015,

the Financial Accounting Standards Board (“FASB”) updated U.S. accounting guidance to simplify the ways businesses measure inventory. Companies that use the

first

-in,

first

-out (FIFO) method or the average cost method will measure inventory at the lower of its cost or net realizable value. Net realizable value is the estimated selling price in the normal course of business, minus the cost of completion, disposal, and transportation. Companies will

no

longer consider replacement cost or net realizable value less a normal profit margin when measuring inventory. The guidance was effective for the Company beginning in the

first

quarter of fiscal

2018

and did

not

have a material impact on its results of operations or financial position.