Inventories

12 Months Ended

Aug. 28, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consist of the following:

	August 28, 2021		August 29, 2020
Finished goods	$	12,243	$	17,141
Work-in-process ("WIP")	184,611		86,651
Raw materials	183,583		114,982
Total	380,437		218,774
Less: Excess of FIFO over LIFO cost	38,964		35,833
Inventories, net	$	341,473	$	182,941

Inventory valuation methods consist of the following:

	August 28, 2021		August 29, 2020
LIFO basis	$	139,544	$	88,675
First-in, first-out basis	240,893		130,099
Total	$	380,437	$	218,774

The above value of inventories, before reduction for the LIFO reserve, approximates replacement cost at the respective dates.

In Fiscal 2020, a reduction of inventory quantities resulted in a liquidation of LIFO inventory layers (a "LIFO decrement"). A LIFO decrement results in the erosion of layers created in earlier years, and, therefore, a LIFO layer is not created for years that have decrements. We had a decrement of our LIFO inventory layers of $5,188 in Fiscal 2020. We did not have a decrement of our LIFO inventory layers in Fiscal 2021.