Inventories consisted of the following as of February 28, 2025, February 29, 2024, and August 31, 2024:


($ in thousands)	February 28, 2025			February 29, 2024			August 31, 2024
Raw materials and supplies	$	86,621		$	89,500		$	84,725
Work in process		11,581			10,788			10,192
Finished goods and purchased parts, net		78,193			88,955			80,877
Total inventory value before LIFO adjustment		176,395			189,243			175,794
Less adjustment to LIFO value		(21,790	)		(21,909	)		(21,341	)
Inventories, net	$	154,605		$	167,334		$	154,453

Of the $154.6 million, $167.3 million, and $154.5 million of net inventories at February 28, 2025, February 29, 2024, and August 31, 2024, respectively, $41.3 million, $45.3 million, and $42.7 million, respectively, was valued on the last-in, first-out ("LIFO") basis, and $113.3 million, $122.0 million, and $111.8 million, respectively, was valued on the first-in, first-out ("FIFO") or average cost methods.