(3) Inventories

The following table summarizes the components of inventories at the different stages of production as of February 29, 2016 and February 28, 2015 (in thousands):


	2016		2015
Raw material	$	21,030	$	18,153
Work-in-process		9,245		7,195
Finished goods		70,035		94,466

	$	100,310	$	119,814

The excess of current costs at FIFO over LIFO stated values was approximately $4.7 million and $4.9 million as of fiscal years ended 2016 and 2015, respectively. During both fiscal year 2016 and 2015, as inventory quantities were reduced, this resulted in a liquidation of LIFO inventory quantities carried at lower costs prevailing in prior years as compared with the cost of fiscal year 2015 and 2014. The effect decreased cost of sales by approximately $205,000, $87,000 and $25,000 and increased net earnings by approximately $129,000, $55,000 and $16,000 for fiscal years 2016, 2015 and 2014, respectively. Cost includes materials, labor and overhead related to the purchase and production of inventories.