Note 4 – 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, 2018			August 31, 2018
Manufacturing supplies and raw materials	$	286,779		$	278,726
Work-in-process		107,377			105,021
Finished goods		104,933			54,181
Excess and obsolete adjustment		(6,516	)		(5,614	)

	$	492,573		$	432,314