(4) Inventories

The following table summarizes the components of inventories at the different stages of production as of February 28, 2017 and February 29, 2016 (in thousands):


	2017		2016
Raw material	$	16,130	$	15,983
Work-in-process		3,199		3,099
Finished goods		8,636		8,537

	$	27,965	$	27,619

The excess of current costs at FIFO over LIFO stated values was approximately $4.7 million and $4.7 million as of fiscal years ended 2017 and 2016, respectively. During both fiscal year 2017 and 2016, 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 2016 and 2015. The effect decreased cost of sales by approximately $189,000, $205,000 and $87,000 and increased net earnings by approximately $125,000, $129,000 and $55,000 for fiscal years 2017, 2016 and 2015, respectively. Cost includes materials, labor and overhead related to the purchase and production of inventories.