Note 2—Inventories

Inventories consisted of the following at April 30:


$ in thousands	2016		2015
Finished goods	$	3,707	$	2,936
Work-in-process		1,889		1,422
Materials and components		10,030		8,387

Total inventories	$	15,626	$	12,745

At April 30, 2016 and 2015, the Company’s international subsidiaries’ inventories were $2,253,000 and $1,906,000, 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, 2016 and 2015, reported inventories would have been $714,000 and $1.0 million greater, respectively. During fiscal years 2016 and 2015, 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 $336,000 and $158,000, respectively.