INVENTORIES

Inventories consist of the following:



June 30,	2019		2018
U.S. inventories at average cost	$	473,949	$	443,521
Foreign inventories at average cost	125,260		117,711
	599,209		561,232
Less: Excess of average cost over LIFO cost for U.S. inventories	151,654		139,163
Inventories on consolidated balance sheets	$	447,555	$	422,069

The overall impact of LIFO layer liquidations increased gross profit by $112, $579, and $9,414 in fiscal 2019, fiscal 2018, and fiscal 2017, 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.