Note 2—Inventories

Inventories consisted of the following at April 30:


$ in thousands	2013		2012
Finished goods	$	4,052	$	3,570
Work-in-process		1,678		1,831
Materials and components		7,473		6,359

Total inventories	$	13,203	$	11,760

At April 30, 2013 and 2012, the Company’s international subsidiaries’ inventories were $2,077,000 and $1,253,000, respectively, measured using the first-in, first-out (“FIFO”) method. If all of the Company’s inventories had been determined using the FIFO method at April 30, 2013 and 2012, reported inventories would have been $1.3 million and $1.6 million greater, respectively. During fiscal year 2013, the LIFO index was less than 100% due to lower prices paid for certain raw materials. This reduction resulted in a liquidation of LIFO inventory quantities carried at higher costs prevailing in prior years as compared with the cost of purchases in fiscal year 2013, the effect of which decreased the cost of sales by $273,000. During fiscal year 2012, the LIFO index was higher than 100% due to higher prices for certain raw materials. This increase resulted in the addition of LIFO inventory quantities carried at lower costs prevailing in prior years as compared to the cost of purchases in fiscal year 2012, the effect of which increased the cost of sales by $146,000.