Inventories

Inventories (principally using the last-in, first-out (LIFO) method) are comprised of the following:




(Millions of dollars)	September 30, 2018		December 31, 2017
Raw materials	$	3,413	$	2,802
Work-in-process	2,764		2,254
Finished goods	5,425		4,761
Supplies	212		201
Total inventories	$	11,814	$	10,018

During the first nine months of 2017, there was a liquidation of LIFO inventory resulting from closure of our facility in Gosselies, Belgium. The liquidated inventory was carried at lower costs prevailing in prior years as compared with current costs. The effect of this reduction of inventory decreased Cost of goods sold by approximately $62 million and increased Profit by approximately $45 million or $0.07 per share.