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INVENTORIES

3 Months Ended

Aug. 26, 2012

(5) Inventories

The components of inventories were as follows:

In Millions		Aug. 26, 2012		May 27, 2012
Raw materials and packaging	$	363.8	$	334.4
Finished goods		1,416.8		1,211.8
Grain		236.4		155.3
Excess of FIFO over LIFO cost		(208.5)		(222.7)
Total	$	1,808.5	$	1,478.8

- 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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