Inventories

Inventories consisted of the following components as of December 31, 2016 and June 30, 2016:



($ in millions)	December 31, 2016		June 30, 2016
Raw materials and supplies	$	152.5	$	137.6
Work in process	357.3		298.9
Finished and purchased products	190.9		192.2
Total inventory	$	700.7	$	628.7

Inventories are valued at the lower of cost or market. Cost for inventories is principally determined using the last-in, first-out (“LIFO”) method. The Company also uses the first-in, first-out (“FIFO”) and average costs methods. As of December 31, 2016 and June 30, 2016, $124.5 million and $118.4 million of inventory, respectively, was accounted for using a method other than the LIFO method.