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Inventories

6 Months Ended

Oct. 31, 2014

The components of inventories were:



	October 31,			April 30,
(in thousands)	2014			2014
Raw materials	$	17,056		$	13,756
Work-in-process	18,887			19,179
Finished goods	14,262			13,439

Total FIFO inventories	50,205			46,374

Reserve to adjust inventories to LIFO value	(14,870		)	(14,851		)

Total LIFO inventories	$	35,335		$	31,523

Interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs. Since these items are estimated, interim results are subject to the final year-end LIFO inventory valuation.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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