Inventories

12 Months Ended

Feb. 28, 2022

Inventory Disclosure [Abstract]

Inventories

(4) Inventories

The following table summarizes the components of inventories at the different stages of production as of February 28, 2022 and February 28, 2021 (in thousands):

	2022		2021
Raw material	$	25,276	$	19,699
Work-in-process		5,547		3,762
Finished goods		7,715		9,445
	$	38,538	$	32,906

The excess of current costs at FIFO over LIFO stated values was approximately $5.9 million and $4.6 million as of fiscal years ended 2022 and 2021, respectively. During both fiscal year 2022 and 2021, as inventory quantities were reduced, this resulted in a liquidation of LIFO inventory quantities carried at lower costs prevailing in prior years compared with the cost of fiscal year 2021 and 2020, as applicable. The effect decreased cost of sales by approximately $0.9 million, $0.1 million and $0.1 million for fiscal years 2022, 2021 and 2020, respectively. Cost includes materials, labor and overhead related to the purchase and production of inventories.