Note 5. Inventories

The components of inventories as of April 30, 2017 and October 31, 2016 consisted of the following:

	April 30, 2017		October 31, 2016
Raw materials	$	24,286	$	25,286
Work-in-process ⁽¹⁾		51,299		48,520
Inventories	$	75,585	$	73,806

(1)	Included in work-in-process as of April 30, 2017 and October 31, 2016 was $42.6 million and $40.6 million, respectively, of completed standard components.

Raw materials consist mainly of various nickel powders and steels, various other components used in producing cell stacks and purchased components for balance of plant. Work-in-process inventory is comprised of material, labor, and overhead costs incurred to build balance of plant components, fuel cell stacks and modules, which are subcomponents of a power plant.

Raw materials and work in process are net of a valuation allowance of approximately $0.2 million as of April 30, 2017 and October 31, 2016.