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)	May 31, 2016			August 31, 2015
Manufacturing supplies and raw materials	$	258,608		$	311,880
Work-in-process		63,602			75,032
Finished goods		139,199			61,302
Excess and obsolete adjustment		(3,341	)		(2,679	)

	$	458,068		$	445,535