Inventories

Inventories consisted of the following components at June 30, 2018 and 2017:



	June 30,
($ in millions)	2018		2017
Raw materials and supplies	$	157.5	$	152.8
Work in process	372.5		365.6
Finished and purchased products	159.2		172.0
Total inventory	$	689.2	$	690.4

If the FIFO method of inventory had been used instead of the LIFO method, inventories would have been $210.3 million and $106.1 million higher as of June 30, 2018 and 2017, respectively. Current cost of LIFO-valued inventories was $760.8 million at June 30, 2018 and $689.2 million at June 30, 2017. The reductions in LIFO-valued inventories decreased cost of sales by $0.6 million during fiscal year 2018 and $0.0 million during fiscal year 2017 and $0.0 million during fiscal year 2016.

During fiscal year 2016, the Company recorded a $22.5 million charge for excess inventory adjustments in certain reporting units in the PEP segment due to the prolonged weakness in oil and gas businesses.