Inventories as of January 31, 2020 and October 31, 2019 consisted of the following:

	January 31,		October 31,
	2020		2019
Raw materials	$	23,472	$	25,466
Work-in-process ⁽¹⁾		41,758		31,228
Inventories	$	65,230	$	56,694

(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 or power plant orders or for use under the Company’s service agreements. Included in work-in-process as of January 31, 2020 and October 31, 2019 was $25.9 million and $23.5 million, respectively, of completed standard components.

Additional long-term inventory of $6.8 million as of January 31, 2020 includes modules that are contractually required to be segregated for use as replacement modules for two specific project assets, which are expected to be utilized beyond twelve months from January 31, 2020. Long-term inventory of $2.2 million as of October 31, 2019 was for a module segregated for use as a replacement module for the Bridgeport Fuel Cell Project.

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 $1.7 million and $3.2 million for the three months ended January 31, 2020 and 2019, respectively, which were included within product cost of revenues on the Consolidated Statements of Operations.