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Inventories

12 Months Ended

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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- References

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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

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