Note 2—Inventories

Inventories consisted of the following at April 30:


$ in thousands	2017		2016
Finished goods	$	3,179	$	3,707
Work-in-process		1,950		1,889
Materials and components		9,806		10,030

Total inventories	$	14,935	$	15,626

At April 30, 2017 and 2016, the Company’s international subsidiaries’ inventories were $2,205,000 and $2,253,000, 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, 2017 and 2016, reported inventories would have been $748,000 and $714,000 greater, respectively. During fiscal year 2017, the LIFO index was higher than 100% due to higher prices for certain raw materials. This increase resulted in the addition of LIFO inventory quantities carried at lower costs prevailing in prior years as compared to the cost of purchases in fiscal year 2016, the effect of which increased the costs of product sales by $14,000. During fiscal year 2016, 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 fiscal year 2016 as compared to the cost of purchases in the fiscal year 2015, the effect of which decreased the cost of product sales by $336,000.