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)	February 28, 2017			August 31, 2016
Manufacturing supplies and raw materials	$	231,770		$	240,865
Work-in-process		79,382			68,727
Finished goods		73,455			59,470
Excess and obsolete adjustment		(3,168	)		(3,257	)

	$	381,439		$	365,805