INVENTORIES

Inventories consist of the following:



June 30,	2018		2017
U.S. inventories at average cost	$	443,521	$	373,984
Foreign inventories at average cost	117,711		108,734
	561,232		482,718
Less: Excess of average cost over LIFO cost for U.S. inventories	139,163		137,573
Inventories on consolidated balance sheets	$	422,069	$	345,145

The overall impact of LIFO layer liquidations increased gross profit by $579, $9,414, and $2,100 in fiscal 2018, fiscal 2017, and fiscal 2016, respectively. In fiscal 2017, reductions in U.S. inventories, primarily in the bearings pool which included the scrapping of approximately $6,000 of product, resulted in liquidation of LIFO inventory quantities carried at lower costs prevailing in prior years.