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Inventories | 12 Months Ended
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Aug. 28, 2021
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories consist of the following:
| August 28, 2021 |  | August 29, 2020
Finished goods | $ | 12,243 |  |  | $ | 17,141 |
Work-in-process ("WIP") | 184,611 |  |  | 86,651 |
Raw materials | 183,583 |  |  | 114,982 |
Total | 380,437 |  |  | 218,774 |
Less: Excess of FIFO over LIFO cost | 38,964 |  |  | 35,833 |
Inventories, net | $ | 341,473 |  |  | $ | 182,941 |
Inventory valuation methods consist of the following:
| August 28, 2021 |  | August 29, 2020
LIFO basis | $ | 139,544 |  |  | $ | 88,675 |
First-in, first-out basis | 240,893 |  |  | 130,099 |
Total | $ | 380,437 |  |  | $ | 218,774 |
The above value of inventories, before reduction for the LIFO reserve, approximates replacement cost at the respective dates. In Fiscal 2020, a reduction of inventory quantities resulted 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. We had a decrement of our LIFO inventory layers of $5,188 in Fiscal 2020. We did not have a decrement of our LIFO inventory layers in Fiscal 2021.

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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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