INVENTORIES

Inventories consist of the following:



June 30,	2015		2014
U.S. inventories at average cost	$	397,524	$	363,692
Foreign inventories at average cost	116,674		123,468
	514,198		487,160
Less: Excess of average cost over LIFO cost for U.S. inventories	151,779		151,413
Inventories on consolidated balance sheets	$	362,419	$	335,747

In fiscal 2013, reductions in U.S. inventories, primarily in the bearings pool, resulted in liquidation of LIFO inventory quantities carried at lower costs prevailing in prior years. The overall impact of LIFO layer liquidations increased gross profit by $6,300 in fiscal 2013. There were no LIFO layer liquidations in fiscal 2015 or 2014.