Note 4: Inventories

Inventories by major classification were as follows:


(Amounts in millions)	June 29, 2013		December 29, 2012
Finished goods	$	363.3	$	353.6
Work in progress		41.7		38.6
Raw materials		85.2		83.8

Total FIFO value		490.2		476.0
Excess of current cost over LIFO cost		(72.1)		(71.8)

Total inventories – net	$	418.1	$	404.2

Inventories accounted for using the first-in, first-out (“FIFO”) method as of June 29, 2013, and December 29, 2012, approximated 62% and 60%, respectively, of total inventories. The company accounts for its non-U.S. inventory on the FIFO basis. As of June 29, 2013, approximately 31% of the company’s U.S. inventory was accounted for using the FIFO basis and 69% was accounted for using the last-in, first-out (“LIFO”) basis. There were no LIFO inventory liquidations in the three and six month periods ended June 29, 2013, or June 30, 2012.