NOTE F – INVENTORIES

Inventories are carried at the lower of cost or net realizable value. Inventories are primarily stated at cost using the weighted-average cost method. In addition, certain inventories are valued at cost using the last-in, first-out (LIFO) method.

The following table summarizes Ashland’s inventories as of the reported Condensed Consolidated Balance Sheet dates.

(In millions)	March 31, 2018			September 30, 2017
Finished products	$	404		$	390
Raw materials, supplies and work in process		248			245
LIFO carrying values		(3	)		(1	)
	$	649		$	634