Inventories

Inventories consisted of the following components as of December 31, 2015 and June 30, 2015:



($ in millions)	December 31, 2015		June 30, 2015
Raw materials and supplies	$	158.6	$	121.7
Work in process	312.3		346.1
Finished and purchased products	216.8		188.0
Total inventory	$	687.7	$	655.8

Inventories are valued at the lower of cost or market. Cost for inventories is principally determined using the last-in, first-out (“LIFO”) method. The Company also uses the first-in, first-out (“FIFO”) and average costs methods.