(3) Inventories

The following table summarizes the components of inventories at the different stages of production as of February 28, 2015 and 2014 (in thousands):


	2015		2014
Raw material	$	18,153	$	16,400
Work-in-process		7,195		14,386
Finished goods		94,466		99,309

	$	119,814	$	130,095

The excess of current costs at FIFO over LIFO stated values was approximately $5.0 million as of fiscal years ended 2015 and 2014. During both fiscal year 2015 and 2014, as inventory quantities were reduced, this resulted in a liquidation of LIFO inventory quantities carried at lower costs prevailing in prior years as compared with the cost of fiscal year 2014 and 2013. The effect decreased cost of sales by approximately $87,000 and $25,000 and increased net earnings by approximately $55,000 and $16,000 for fiscal years 2015 and 2014, respectively. Cost includes materials, labor and overhead related to the purchase and production of inventories.