Inventories

9 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consisted of the following (in thousands):

	December 31, 2021		March 31, 2021
At cost - FIFO basis:
Raw materials	$	122,604	$	79,981
Work-in-process	38,655		23,067
Finished goods	35,919		27,201
Total at cost FIFO basis	197,178		130,249
LIFO cost less than FIFO cost	(22,079)		(18,761)
Net inventories	$	175,099	$	111,488

The acquisitions of Dorner and Garvey contributed $17,870,000 and $6,517,000, respectively, to the increase in inventory since March 31, 2021.

An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations must necessarily be based on management's estimates of expected year-end inventory levels and costs. Because these are subject to many factors beyond management's control, estimated interim results are subject to change in the final year-end LIFO inventory valuation.