Inventories

Inventories consisted of the following components at June 30, 2017 and 2016:



	June 30,
($ in millions)	2017		2016
Raw materials and supplies	$	152.8	$	137.6
Work in process	365.6		298.9
Finished and purchased products	172.0		192.2
Total inventory	$	690.4	$	628.7

If the FIFO method of inventory had been used instead of the LIFO method, inventories would have been $106.1 million and $98.2 million higher as of June 30, 2017 and 2016, respectively. Current cost of LIFO-valued inventories was $689.2 million at June 30, 2017 and $608.5 million at June 30, 2016. The reductions in LIFO-valued inventories increased cost of sales by $0.0 million during fiscal year 2017 and $0.0 million during fiscal year 2016 and $1.6 million during fiscal year 2015.

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