Inventories

Inventories consisted of the following components as of March 31, 2016 and June 30, 2015:



($ in millions)	March 31, 2016		June 30, 2015
Raw materials and supplies	$	142.8	$	121.7
Work in process	316.3		346.1
Finished and purchased products	190.3		188.0
Total inventory	$	649.4	$	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. As of March 31, 2016 and June 30, 2015, $120.5 million and $154.9 million of inventory, respectively, was accounted for using a method other than the LIFO method. During the three months ended March 31, 2016, the Company recorded a $22.5 million excess inventory adjustment due to the prolonged weakness in oil and gas businesses.