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Inventories

9 Months Ended

Dec. 31, 2014

NOTE 4. Inventories

Inventories are summarized as follows:


	December 31, 2014			March 31, 2014
Finished goods	$	786		$	2,751
Work in process		8,865			5,932
Purchased and manufactured parts		17,753			13,155
		27,404			21,838
Reserve for slow moving and obsolescence		(2,953	)		(2,929	)
Total	$	24,451		$	18,909

Inventory obsolescence is determined by identifying specific items based on the age of inventory and by establishing a general reserve based on annual purchases. Analyzing inventory by age showed little movement once items have aged five years, and historical trends showed that 1.1% of purchases would eventually be scrapped. Accordingly, the Company uses these two factors in determining the amount of the reserve.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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