Inventories

Inventories consisted of the following components as of March 31, 2017 and June 30, 2016:



($ in millions)	March 31, 2017		June 30, 2016
Raw materials and supplies	$	157.5	$	137.6
Work in process	374.0		298.9
Finished and purchased products	186.8		192.2
Total inventory	$	718.3	$	628.7

Inventories are valued at the lower of cost or market. Cost for inventories is principally determined using the last-in, first-out (“LIFO”) inventory costing method. The Company also uses the first-in, first-out (“FIFO”) and average costs methods. As of March 31, 2017 and June 30, 2016, $126.1 million and $118.4 million of inventory, respectively, was accounted for using a method other than the LIFO inventory costing 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 the oil and gas businesses.