Inventories

12 Months Ended

Feb. 28, 2023

Inventory Disclosure [Abstract]

Inventories

(3) Inventories

The following table summarizes the components of inventories at the different stages of production as of February 28, 2023 and February 28, 2022 (in thousands):

	2023		2022
Raw material	$	30,308	$	25,276
Work-in-process		6,174		5,547
Finished goods		10,352		7,715
	$	46,834	$	38,538

Reserves for excess and obsolete inventory at fiscal years ended 2023 and 2022 were $1.6 million and $1.5 million, respectively.

The excess of current costs at FIFO over LIFO stated values was approximately $6.7 million and $5.9 million as of fiscal years ended 2023 and 2022, respectively. During both fiscal year 2023 and 2022, 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 years 2022 and 2021, as applicable. The effect decreased cost of sales by approximately $0.3 million, $0.9 million and $0.1 million for fiscal years 2023, 2022 and 2021, respectively. Cost includes materials, labor and overhead related to the purchase and production of inventories.