(5) Inventories

Inventories are stated at the lower of cost or market. Cost is determined by the last-in, first-out (LIFO) method for the Company's Lindsay, Nebraska inventory and its two warehouses in Idaho and Texas. Cost is determined by the first-in, first-out (FIFO) method for inventory at the Company's Omaha, Nebraska warehouse, and at operating locations in California, Wisconsin, China and Australia. Cost is determined by the weighted average cost method for inventory at the Company's other operating locations in Washington State, France, Brazil, Italy, and South Africa. At all locations, the Company reserves for obsolete, slow moving, and excess inventory by estimating the net realizable value based on the potential future use of such inventory.


		February 29,			February 28,			August 31,
$ in thousands		2012			2011			2011
Inventory:
FIFO inventory	$	33,868		$	25,626		$	22,614
LIFO reserves		(7,026	)		(6,305	)		(7,178	)
LIFO inventory		26,842			19,321			15,436

Weighted average inventory		26,087			21,977			20,848
Other FIFO inventory		17,966			15,806			15,407
Obsolescence reserve		(2,317	)		(2,228	)		(2,167	)
Total inventories	$	68,578		$	54,876		$	49,524

The estimated percentage distribution between major classes of inventory before reserves is as follows:


	February 29,		February 28,		August 31,
	2012		2011		2011
Raw materials	14	%	14	%	14	%
Work in process	7	%	10	%	8	%
Finished goods and purchased parts	79	%	76	%	78	%