Inventories as of October 31, 2019 and 2018 consisted of the following (in thousands):

	2019		2018
Raw materials	$	25,466	$	24,467
Work-in-process ⁽¹⁾		31,228		29,108
Inventories	$	56,694	$	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, in future power plant orders or for use under our service agreements. Included in Work-in-process as of October 31, 2019 and 2018 is $23.5 million and $19.0 million, respectively, of completed standard components.

Additional long-term inventory of $2.2 million as of October 31, 2019 includes a module that is contractually required to be segregated for use as a replacement at the Bridgeport Fuel Cell Project which is expected to be utilized beyond 12 months from October 31, 2019. There was no long-term inventory as of October 31, 2018.

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 fuel cell stacks and modules, which are subcomponents of a power plant.

The Company incurred excess plant capacity and manufacturing variances of $14.5 million and $11.2 million for the years ended October 31, 2019 and 2018, respectively, which were included within product cost of revenues on the consolidated statements of operations.