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Inventories

9 Months Ended

May 31, 2014

Inventories consist of the following:



(In thousands)	May 31, 2014			August 31, 2013
Finished goods	$	34,458		$	43,927
Work-in-process	44,993			46,257
Raw materials	69,063			52,201
Total	148,514			142,385
LIFO reserve	(30,779		)	(29,844		)
Total inventories	$	117,735		$	112,541

The above value of inventories, before reduction for the LIFO reserve, approximates replacement cost. Of the $148.5 million and $142.4 million inventory at May 31, 2014 and August 31, 2013, respectively, $142.0 million and $136.1 million is valued on a LIFO basis. Towables inventory of $6.5 million and $6.3 million at May 31, 2014 and August 31, 2013, respectively, is valued on a FIFO basis.

- 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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