Inventories consisted of the following as of May 31, 2025, May 31, 2024, and August 31, 2024:


($ in thousands)	May 31, 2025			May 31, 2024			August 31, 2024
Raw materials and supplies	$	84,403		$	83,750		$	84,725
Work in process		8,330			13,235			10,192
Finished goods and purchased parts, net		78,594			96,295			80,877
Total inventory value before LIFO adjustment		171,327			193,280			175,794
Less adjustment to LIFO value		(20,865	)		(21,758	)		(21,341	)
Inventories, net	$	150,462		$	171,522		$	154,453

Of the $150.5 million, $171.5 million, and $154.5 million of net inventories at May 31, 2025, May 31, 2024, and August 31, 2024, respectively, $37.9 million, $49.8 million, and $42.7 million, respectively, was valued on the last-in, first-out ("LIFO") basis, and $112.6 million, $121.7 million, and $111.8 million, respectively, was valued on the first-in, first-out ("FIFO") or average cost methods.