Inventories consisted of the following as of May 31, 2026, May 31, 2025, and August 31, 2025:


($ in thousands)	May 31, 2026			May 31, 2025			August 31, 2025
Raw materials and supplies	$	73,499		$	84,403		$	70,510
Work in process		10,849			8,330			7,186
Finished goods and purchased parts, net		83,372			78,594			78,631
Total inventory value before LIFO adjustment		167,720			171,327			156,327
Less adjustment to LIFO value		(21,775	)		(20,865	)		(19,468	)
Inventories, net	$	145,945		$	150,462		$	136,859

Of the $145.9 million, $150.5 million, and $136.9 million of net inventories at May 31, 2026, May 31, 2025, and August 31, 2025, respectively, $34.9 million, $37.9 million, and $35.0 million, respectively, was valued on the last-in, first-out ("LIFO") basis, and $111.0 million, $112.6 million, and $101.9 million, respectively, was valued on the first-in, first-out ("FIFO") or average cost methods.