Inventories

Inventories consisted of the following components at June 30, 2015 and 2014:



	June 30,
($ in millions)	2015		2014
Raw materials and supplies	$	121.7	$	122.3
Work in process	346.1		393.9
Finished and purchased products	188.0		183.0
Total inventory	$	655.8	$	699.2

If the FIFO method of inventory had been used instead of the LIFO method, inventories would have been $196.6 million and $195.7 million higher as of June 30, 2015 and 2014, respectively. Current cost of LIFO-valued inventories was $697.5 million at June 30, 2015 and $733.7 million at June 30, 2014. The reductions in LIFO-valued inventories increased cost of sales by $1.6 million during fiscal year 2015 and $0.0 million during fiscal year 2014 and decreased cost of sales by $2.1 million during fiscal year 2013.