Inventories

12 Months Ended

Feb. 29, 2024

Inventory Disclosure [Abstract]

Inventories

(4) Inventories

The following table summarizes the components of inventories at the different stages of production as of February 29, 2024 and February 28, 2023 (in thousands):

	2024		2023
Raw material	$	21,764	$	30,308
Work-in-process		5,621		6,174
Finished goods		12,652		10,352
	$	40,037	$	46,834

Reserves for excess and obsolete inventory at fiscal years ended 2024 and 2023 were $1.3 million and $1.6 million, respectively.

The excess of current costs at FIFO over LIFO stated values was approximately $5.9 million and $6.7 million as of fiscal years ended 2024 and 2023, respectively. During both fiscal year 2024 and 2023, as inventory quantities were reduced, this resulted in a liquidation of LIFO inventory quantities carried at lower costs prevailing in prior years compared with the cost of fiscal years 2023 and 2022, as applicable. The effect decreased cost of sales by approximately $0.6 million, $0.3 million and $0.9 million for fiscal years 2024, 2023 and 2022, respectively. Cost includes materials, labor and overhead related to the purchase and production of inventories.