Inventories

Inventories consisted of the following components at June 30, 2016 and 2015:



	June 30,
($ in millions)	2016		2015
Raw materials and supplies	$	137.6	$	121.7
Work in process	298.9		346.1
Finished and purchased products	192.2		188.0
Total inventory	$	628.7	$	655.8

If the FIFO method of inventory had been used instead of the LIFO method, inventories would have been $98.2 million and $196.6 million higher as of June 30, 2016 and 2015, respectively. Current cost of LIFO-valued inventories was $608.5 million at June 30, 2016 and $697.5 million at June 30, 2015. The reductions in LIFO-valued inventories increased cost of sales by $0.0 million during fiscal year 2016 and $1.6 million during fiscal year 2015 and $0.0 million during fiscal year 2014.

During the third quarter of fiscal year 2016, the Company recorded a $22.5 million excess inventory adjustment in certain reporting units in the PEP segment due to the prolonged weakness in oil and gas businesses.