Inventories

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



($ in millions)	December 31, 2017		June 30, 2017
Raw materials and supplies	$	186.1	$	152.8
Work in process	395.5		365.6
Finished and purchased products	190.2		172.0
Total inventory	$	771.8	$	690.4

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 cost methods. As of December 31, 2017 and June 30, 2017, $128.8 million and $107.3 million of inventory, respectively, was accounted for using a method other than the LIFO inventory costing method.