INVENTORIES, NET

12 Months Ended

Jun. 30, 2014

NOTE 3. INVENTORIES, NET

Inventories, net, consisted of the following as of June 30:

	2014			2013
Finished goods	$	321		$	321
Raw materials and packaging		113			121
Work in process		2			3
LIFO allowances		(36	)		(40	)
Allowances for obsolescence		(14	)		(11	)
Total	$	386		$	394

The last-in, first-out (LIFO) method was used to value approximately 34% and 37% of inventories as of June 30, 2014 and 2013, respectively. The carrying values for all other inventories, including inventories of all international businesses, are determined on the first-in, first-out (FIFO) method. The effect on earnings of the liquidation of LIFO layers was a benefit of $2, $3 and $2 for the fiscal years ended June 30, 2014, 2013 and 2012, respectively.

The Company had inventory consigned to others of $4 and $2 as of June 30, 2014 and 2013, respectively.

During fiscal years 2014, 2013 and 2012, the Company's inventory obsolescence expense was $13, $12 and $13, respectively.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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