INVENTORIES

Inventories include raw materials, work-in-process and finished goods.

Inventories as of the End of Our Last Two Years



DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2013		DECEMBER 31, 2012
LIFO inventories:
Logs and chips	$	15	$	17
Lumber, plywood, panels and engineered lumber	46		46
Pulp and paperboard	97		121
Other products	11		8
FIFO or moving average cost inventories:
Logs and chips	33		28
Lumber, plywood, panels and engineered lumber	70		66
Pulp and paperboard	30		19
Other products	94		87
Materials and supplies	146		139
Total	$	542	$	531

If we used FIFO for all inventories, our stated inventories would have been higher by $112 million as of both December 31, 2013 and December 31, 2012.

HOW WE ACCOUNT FOR OUR INVENTORIES

The Inventories section of Note 1: Summary of Significant Accounting Policies provides details about how we account for our inventories.