Inventories as of January 31, 2019 and October 31, 2018 consisted of the following:

	January 31,		October 31,
	2019		2018
Raw materials	$	27,993	$	24,467
Work-in-process ⁽¹⁾		26,809		29,108
Inventories	$	54,802	$	53,575

(1)

Work-in-process includes the standard components of inventory used to build the typical modules or module components that are intended to be used in future project asset construction, power plant orders or for use under the Company’s service agreements. Included in work-in-process as of January 31, 2019 and October 31, 2018 was $17.2 million and $19.0 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.

The Company incurred excess plant capacity and manufacturing variances of $3.2 million and $2.7 million for the three months ended January 31, 2019 and 2018, respectively, which were included within product cost of revenues on the consolidated statements of operations.