INVENTORIES, NET

3 Months Ended

Dec. 30, 2022

Inventory Disclosure [Abstract]

INVENTORIES, NET

9. INVENTORIES, NET

A majority of the Company’s inventories are recorded at the lower of cost (primarily last in, first out, or “LIFO”) or market or net realizable value, as applicable. Approximately 80% and 82% of the Company’s inventories were valued at the lower of LIFO cost or market at December 30, 2022 and September 30, 2022, respectively. Interim LIFO determinations, including those at December 30, 2022, are based on management’s estimates of future inventory levels and costs for the remainder of the current fiscal year.

(in thousands)	December 30, 2022		September 30, 2022
Purchased materials and manufactured parts, net	$	152,805	$	166,038
Work in process, net	50,059		61,182
Finished goods, net	242,916		227,291
Inventories, net	$	445,780	$	454,511

Total inventories would be $29,358 higher and $64,550 higher than reported as of December 30, 2022 and September 30, 2022, respectively, if the first-in, first-out method was used for all inventories. As of December 30, 2022, and September 30, 2022, the excess and obsolete inventory reserve was $19,598 and $18,996, respectively.