Inventories

The components of inventories were:



	July 31,			April 30,
(in thousands)	2016			2016
Raw materials	$	18,138		$	17,634
Work-in-process	18,834			18,414
Finished goods	17,186			17,475

Total FIFO inventories	54,158			53,523

Reserve to adjust inventories to LIFO value	(14,204		)	(14,204		)

Total LIFO inventories	$	39,954		$	39,319

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.