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. The Company reserves for obsolete, slow moving, and excess inventory by estimating the net realizable value based on potential future use of such inventory.


	May 31,		May 31,		August 31,
$ in thousands	2012		2011		2011
Inventory:
FIFO inventory	$	29,296	$	25,720	$	22,614
LIFO reserves		(6,996)		(6,874)		(7,178)
LIFO inventory		22,300		18,846		15,436

Weighted average inventory		21,465		21,743		20,848
Other FIFO inventory		20,359		14,434		15,407
Obsolescence reserve		(2,005)		(2,190)		(2,167)
Total inventories	$	62,119	$	52,833	$	49,524

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


	May 31,		May 31,		August 31,
	2012		2011		2011
Raw materials		15%		14%		14%
Work in process		9%		9%		8%
Finished goods and purchased parts		76%		77%		78%