Inventories (Tables)

6 Months Ended

Oct. 31, 2018

Inventories consisted of the following (in thousands):


	October 31, 2018		As Adjusted April 30, 2018
Finished products	$	3,807	$	4,987
Work in process		1,375		2,393
Raw materials		11,915		11,169

	$	17,097	$	18,549

Summary of Impact of Adoption of New Accounting Principle in Financial Statements

Certain amounts in the Company’s condensed consolidated balance sheet as of April 30, 2018 was adjusted as follows (in thousands):


	April 30, 2018
	As Originally Reported		Adjustments			As Adjusted
Inventories	$	17,662	$	887		$	18,549
Total Current Assets		63,504		887			64,391
Deferred income taxes		2,031		(162	)		1,869
Total Assets		84,358		725			85,083
Other accrued expenses		2,062		54			2,116
Total Current Liabilities		27,562		54			27,616
Total Liabilities		36,837		54			36,891
Retained earnings		43,165		671			43,836
Total Kewaunee Scientific Corporation Stockholders’ Equity		47,059		671			47,730
Total Stockholders’ Equity		47,521		671			48,192
Total Liabilities and Stockholders’ Equity	$	84,358	$	725		$	85,083

Certain amounts in the Company’s condensed consolidated statement of operations for the three and six months ended October 31, 2018 under the former LIFO method would have been as follows (in thousands, except per share amounts):


	Three months ended October 31, 2018
	As reported under FIFO		Adjustments			As computed under LIFO
Cost of products sold	$	29,505	$	100		$	29,605
Income tax (benefit)		415		(24	)		391
Net earnings		1,454		(76	)		1,378
Net earnings attributable to Kewaunee Scientific Corporation	$	1,414	$	(76	)	$	1,338
Net earnings attributable to Kewaunee Scientific Corporation shareholders
Basic	$	0.52	$	(0.03	)	$	0.49
Diluted	$	0.51	$	(0.03	)	$	0.48


	Six months ended October 31, 2018
	As reported under FIFO		Adjustments			As computed under LIFO
Cost of products sold	$	64,183	$	200		$	64,383
Income tax (benefit)		783		(49	)		734
Net earnings		2,870		(151	)		2,719
Net earnings attributable to Kewaunee Scientific Corporation	$	2,821	$	(151	)	$	2,670
Net earnings attributable to Kewaunee Scientific Corporation shareholders
Basic	$	1.03	$	(0.05	)	$	0.98
Diluted	$	1.01	$	(0.05	)	$	0.96

Certain amounts in the Company’s condensed consolidated statement of cash flows as of October 31, 2018 would have been as follows under the former LIFO method (in thousands):


	Six months ended October 31, 2018
	As reported under FIFO			Adjustments			As computed under LIFO
Net earnings	$	2,870		$	(151	)	$	2,719
Decrease (increase) in inventories		565			200			765
Decrease (increase) in accounts payable and other accrued expenses		(4,202	)		(49	)		(4,251	)
Net cash provided by (used in) operating activities	$	2,301		$	—		$	2,301

Certain amounts in the Company’s condensed consolidated balance sheet as of October 31, 2018 would have been as follows under the former LIFO method (in thousands):


	October 31, 2018
	As reported under FIFO		Adjustment			As computed under LIFO
Inventories	$	17,097	$	(1,087	)	$	16,010
Total Current Assets		60,289		(1,087	)		59,202
Deferred income taxes		1,888		162			2,050
Total Assets		80,596		(925	)		79,671
Other accrued expenses		2,743		(103	)		2,640
Total Current Liabilities		24,036		(103	)		23,933
Total Liabilities		31,213		(103	)		31,110
Retained earnings	$	45,888	$	(822	)	$	45,066
Total Kewaunee Scientific Corporation Stockholders’ Equity		48,920		(822	)		48,098
Total Stockholders’ Equity		49,383		(822	)		48,561
Total Liabilities and Stockholders’ Equity	$	80,596	$	(925	)	$	79,671