Note 2—Inventories

Inventories consisted of the following at April 30:


$ in thousands	2014		2013
Finished goods	$	2,909	$	4,052
Work-in-process		1,550		1,678
Materials and components		7,479		7,473

Total inventories	$	11,938	$	13,203

At April 30, 2014 and 2013, the Company’s international subsidiaries’ inventories were $1,684,000 and $2,077,000, 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, 2014 and 2013, reported inventories would have been $1.2 million and $1.3 million greater, respectively. During fiscal years 2014 and 2013, the LIFO index was lower than 100% due to lower prices for certain raw materials. This decrease resulted in the liquidation of LIFO inventory quantities carried at higher costs prevailing in prior years as compared to the cost of purchases in the current fiscal year, the effect of which decreased the cost of sales by $137,000 and $273,000, respectively.