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Inventories

12 Months Ended

Sep. 30, 2012

7. Inventories

The components of inventories are as follows:

30 September		2012		2011
Inventories at FIFO cost
Finished goods	$	617.9	$	477.3
Work in process		36.7		29.9
Raw materials, supplies and other		220.0		258.8
		874.6		766.0
Less: Excess of FIFO cost over LIFO cost		(88.0)		(95.8)
	$	786.6	$	670.2

Inventories valued using the LIFO method comprised 35.6% and 42.9% of consolidated inventories before LIFO adjustment at 30 September 2012 and 2011, respectively. Liquidation of LIFO inventory layers in 2012, 2011, and 2010 did not materially affect the results of operations.

FIFO cost approximates replacement cost. Our inventory has a high turnover, and as a result, there is little difference between the original cost of an item and its current replacement cost.

- 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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