Note D – Inventories

Inventories are stated at the lower of cost or market value. All U.S. inventories are valued using the last-in, first-out ("LIFO") method and represented approximately $56.2 million or 38.9% and $65.6 million or 52.4% of inventories at February 29, 2012 and November 30, 2011, respectively. The remaining portion of inventories (which are located outside of the U.S.) are valued using the first-in, first-out ("FIFO") or average cost method. Interim LIFO calculations are based on management's estimates of expected year-end inventory levels and costs and are subject to final year-end LIFO inventory valuations.


	February 29,			November 30,
(in Millions)	2012			2011

Raw materials and supplies	$	48.9		$	42.3
Work-in-process		8.6			5.7
Finished products		86.7			77.1

Acquired cost of inventories		144.2			125.1
Excess of acquired cost over LIFO cost		(30.1	)		(30.4	)
Obsolescence reserves		(10.4	)		(10.2	)

Net Inventories	$	103.7		$	84.5