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Inventories | 12 Months Ended
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Aug. 29, 2020
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories consist of the following:
(in thousands) | August 29, 2020 |  | August 31, 2019
Finished goods | $ | 17,141 |  |  | $ | 53,417 |
Work-in-process ("WIP") | 86,651 |  |  | 82,926 |
Raw materials | 114,982 |  |  | 105,804 |
Total | 218,774 |  |  | 242,147 |
Less LIFO reserve | 35,833 |  |  | 41,021 |
Inventories | $ | 182,941 |  |  | $ | 201,126 |
Inventory valuation methods consist of the following:
(in thousands) | August 29, 2020 |  | August 31, 2019
LIFO basis | $ | 88,675 |  |  | $ | 184,007 |
FIFO basis | 130,099 |  |  | 58,140 |
Total | $ | 218,774 |  |  | $ | 242,147 |
The above value of inventories, before reduction for the LIFO reserve, approximates replacement cost at the respective dates. Our inventory quantities were reduced during Fiscal 2020, resulting in a liquidation of LIFO inventory layers (a "LIFO decrement"). A LIFO decrement results in the erosion of layers created in earlier years, and, therefore, a LIFO layer is not created for years that have decrements. The Company had a decrement of its LIFO inventory layers of $5.2 million in Fiscal 2020. There was no LIFO decrement recorded in Fiscal 2019.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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