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Inventories | 12 Months Ended
--- | ---
Apr. 30, 2019
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories consisted of the following at April 30 :
(in thousands) | 2019 | 2018
Finished goods | $ | 4,139 |  | $ | 4,987 |
Work-in-process | 2,179 |  | 2,393 |
Materials and components | 10,888 |  | 11,169 |
Total inventories | $ | 17,206 |  | $ | 18,549 |
At April 30, 2019 and 2018, the Company’s international subsidiaries’ inventories were $1,863,000 and $1,908,000, respectively, measured using the FIFO method at the lower of cost and net realizable value and are included in the above tables. The following table summarizes the effect of the change in method of accounting on the Company's prior consolidated statement of operations:
| Twelve Months Ended April 30, 2018 |  | Effect of Accounting Change |  | Twelve Months Ended April 30, 2018
(in thousands, except per share data) | As Previously Reported |  | LIFO/FIFO |  | As Adjusted
Cost of products sold |  | 126,030 |  |  | (139 | ) |  | 125,891 |
Gross profit |  | 32,020 |  |  | 139 |  |  | 32,159 |
Earnings from continuing operations before income taxes |  | 9,480 |  |  | 139 |  |  | 9,619 |
Income tax expense |  | 4,115 |  |  | 46 |  |  | 4,161 |
Net earnings |  | 5,365 |  |  | 93 |  |  | 5,458 |
Net earnings attributable to Kewaunee Scientific Corporation | $ | 5,188 |  | $ | 93 |  | $ | 5,281 |
Net earnings per share attributable to Kewaunee Scientific Corporation stockholders |  |  |  |
Basic | $ | 1.91 |  | $ | 0.03 |  | $ | 1.94 |
Diluted | $ | 1.87 |  | $ | 0.03 |  | $ | 1.90 |
The following table summarizes the effect of the change in method of accounting on the Company's prior consolidated balance sheet:
| April 30, 2018 |  |  | Effect of Accounting Change |  |  | April 30, 2018
(in thousands) | As Previously Reported |  |  | LIFO/FIFO |  |  | As Adjusted
Inventory | $ | 17,662 |  |  | $ | 887 |  |  | $ | 18,549 |
Total Current Assets |  | 63,504 |  |  |  | 887 |  |  |  | 64,391 |
Deferred income taxes |  | 2,031 |  |  |  | (162 | ) |  |  | 1,869 |
Total Other Assets |  | 6,193 |  |  |  | (162 | ) |  |  | 6,031 |
Total Assets | $ | 84,358 |  |  | $ | 725 |  |  | $ | 85,083 |
Liabilities and Stockholders' Equity |  |  |  |  |  |  |
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 Equity |  | 47,521 |  |  |  | 671 |  |  |  | 48,192 |
Total Liabilities and Stockholders' Equity | $ | 84,358 |  |  | $ | 725 |  |  | $ | 85,083 |
The following table summarizes the effect of the change in method of accounting on the Company's prior consolidated cash flow:
|  | Twelve Months Ended April 30, |  | Effect of Accounting Change |  | Twelve Months Ended April 30,
|  | 2018 |  |  | 2018
| (in thousands) | As Previously Reported |  | LIFO/FIFO |  | As Adjusted
| Net earnings | $ | 5,365 |  |  | $ | 93 |  |  | $ | 5,458 |
| Change in assets and liabilities: |  |  |  |  |  |  |  |
| Inventories |  | (2,727 | ) |  |  | (139 | ) |  |  | (2,866 | )
| Accounts payable and other accrued expenses |  | 4,560 |  |  |  | 46 |  |  |  | 4,606 |
| Net cash provided by operating activities | $ | 3,183 |  |  | $ | — |  |  | $ | 3,183 |
Certain amounts in the Company’s consolidated statement of operations for the twelve months ended April 30, 2019 under the former LIFO method would have been as follows :
| Twelve Months Ended April 30, 2019
(in thousands, except per share amounts) | As Reported Under FIFO |  | Adjustments |  | As Computed Under LIFO
Cost of products sold | $ | 121,231 |  |  | $ | 444 |  |  | $ | 121,675 |
Income tax expense | 446 |  |  | (104 | ) |  | 342 |
Net earnings | 1,688 |  |  | (340 | ) |  | 1,348 |
Net earnings attributable to Kewaunee Scientific Corporation | $ | 1,529 |  |  | $ | (340 | ) |  | $ | 1,189 |
Net earnings per share attributable to Kewaunee Scientific Corporation stockholders |  |  |  |  |
Basic | $ | 0.56 |  |  | $ | (0.12 | ) |  | $ | 0.44 |
Diluted | $ | 0.55 |  |  | $ | (0.12 | ) |  | $ | 0.43 |
Certain amounts in the Company’s consolidated statement of cash flows for the twelve months ended April 30, 2019 would h ave been as follows under the former LIFO method:
| Twelve Months Ended April 30, 2019
(in thousands) | As Reported Under FIFO |  | Adjustments |  | As Computed Under LIFO
Net earnings | $ | 1,688 |  |  | $ | (340 | ) |  | $ | 1,348 |
Change in assets and liabilities: |  |  |  |  |
Inventories | 456 |  |  | 444 |  |  | 900 |
Other, net | (1,685 | ) |  | (104 | ) |  | (1,789 | )
Net cash provided by operating activities | $ | 2,490 |  |  | $ | — |  |  | $ | 2,490 |
Certain amounts in the Company’s consolidated balance sheet as of April 30, 2019 would have been as follows under the former LIFO method:
| April 30, 2019
(in thousands) | As Reported Under FIFO |  | Adjustments |  | As Computed Under LIFO
Inventories | $ | 17,206 |  |  | $ | (1,331 | ) |  | $ | 15,875 |
Total Current Assets | 65,357 |  |  | (1,331 | ) |  | 64,026 |
Deferred Income Taxes | 1,829 |  |  | 156 |  |  | 1,985 |
Prepaid Expenses and Other Assets | 3,736 |  |  | 164 |  |  | 3,900 |
Total Assets | 87,223 |  |  | (1,011 | ) |  | 86,212 |
Retained Earnings | 43,552 |  |  | (1,011 | ) |  | 42,541 |
Total Kewaunee Scientific Corporation Stockholders’ Equity | 47,100 |  |  | (1,011 | ) |  | 46,089 |
Total Stockholders’ Equity | 47,703 |  |  | (1,011 | ) |  | 46,692 |
Total Liabilities and Stockholders’ Equity | $ | 87,223 |  |  | $ | (1,011 | ) |  | $ | 86,212 |

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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