Inventories

Inventories are stated at the lower of cost or market, with cost determined on a first-in, first-out basis. The Company reduces the carrying value of inventories for those items that are potentially excess, obsolete or slow-moving based on changes in customer demand, technology developments, or other economic factors. Inventory balances were as follows:



(in millions)	January 29, 2016		April 24, 2015
Finished goods	$	2,244	$	2,268
Work in-process	520		509
Raw materials	772		686
Total	$	3,536	$	3,463