Note 2—Inventories

Inventories consisted of the following at April 30:


$ in thousands	2015		2014
Finished goods	$	2,936	$	2,909
Work-in-process		1,422		1,550
Materials and components		8,387		7,479

Total inventories	$	12,745	$	11,938

At April 30, 2015 and 2014, the Company’s international subsidiaries’ inventories were $1,906,000 and $1,684,000, respectively, measured using the first-in, first-out (“FIFO”) method. If all of the Company’s inventories had been determined using the FIFO method at April 30, 2015 and 2014, reported inventories would have been $1.0 million and $1.2 million greater, respectively. During fiscal years 2015 and 2014, the LIFO index was lower than 100% due to lower prices for certain raw materials. This decrease resulted in the liquidation of LIFO inventory quantities carried at higher costs prevailing in prior years as compared to the cost of purchases in the current fiscal year, the effect of which decreased the cost of sales by $158,000 and $137,000, respectively.