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Inventories

3 Months Ended

Nov. 30, 2014

Note 2 – Inventories

Inventories are valued at the lower of cost (first-in, first-out) or market. Work-in-process includes material, labor and overhead. The following table summarizes the Company’s inventory balance:


(In thousands)	November 30, 2014			August 31, 2014
Manufacturing supplies and raw materials	$	285,468		$	235,903
Work-in-process		60,364			48,853
Finished goods		29,714			23,766
Excess and obsolete adjustment		(3,507	)		(2,866	)

	$	372,039		$	305,656

- 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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