Inventories consisted of the following as of May 31, 2023, May 31, 2022, and August 31, 2022:


($ in thousands)	May 31, 2023			May 31, 2022			August 31, 2022
Raw materials and supplies	$	82,323		$	93,956		$	93,469
Work in process		12,720			18,941			12,603
Finished goods and purchased parts, net		95,847			105,042			110,022
Total inventory value before LIFO adjustment		190,890			217,939			216,094
Less adjustment to LIFO value		(24,131	)		(22,373	)		(22,318	)
Inventories, net	$	166,759		$	195,566		$	193,776

Of the $166.8 million, $195.6 million, and $193.8 million of net inventories at May 31, 2023, May 31, 2022, and August 31, 2022, respectively, $45.3 million, $53.7 million, and $55.5 million, respectively, was valued on the last-in, first-out ("LIFO") basis, and $121.5 million, $141.9 million, and $138.3 million, respectively, was valued on the first-in, first-out ("FIFO") or average cost methods.