Inventories



	November 30,
	2016			2015
	(Dollars in millions)
Raw materials and supplies	$	33.2		$	34.7
Work-in-process	5.1			4.9
Finished products	58.7			60.7
Acquired cost of inventories	97.0			100.3
Excess of acquired cost over LIFO cost	(12.9		)	(11.1		)
Obsolescence reserves	(7.1		)	(7.3		)
Inventories	$	77.0		$	81.9

Inventories valued using the LIFO method represented $46.4 million, or 47.9%, and $50.4 million, or 48.4%, of inventories at November 30, 2016 and 2015, respectively.

In 2016, inventory quantities decreased in both Performance Chemicals and Engineered Surfaces and along with changing costs, this resulted in a partial liquidation of LIFO inventory layers. In 2015, inventory quantities declined in both segments, resulting in a partial liquidation of LIFO inventory layers. This resulted in increased cost of products sold of $1.8 million in 2016 and decreased cost of products sold by $9.5 million in 2015. The partial liquidation resulted in a decrement in the LIFO inventories of $1.6 million in 2016.