Inventories

9 Months Ended

Feb. 29, 2024

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

Inventories are stated at lower of cost and net realizable value (using the first-in, first-out method). Inventories consisted of the following:

(in thousands)	Feb 29, 2024		May 31, 2023
Raw materials	$	31,161	$	28,679
Work in process	7,946		6,708
Finished goods	18,961		19,938
Inventories	$	58,068	$	55,325

The Company periodically reviews inventory for both obsolescence and loss of value. The Company makes assumptions about the future demand for and market value of the inventory. Based on these assumptions, the Company estimates the amount of obsolete, expiring and slow-moving inventory. The total inventory reserve at February 29, 2024 and May 31, 2023 was $3.6 million and $3.1 million, respectively.