Note 4: Inventories

Inventories by major classification are as follows:


(Amounts in millions)	June 28, 2014			December 28, 2013
Finished goods	$	406.0		$	374.7
Work in progress		47.8			45.0
Raw materials		86.3			87.3

Total FIFO value		540.1			507.0
Excess of current cost over LIFO cost		(72.6	)		(72.6	)

Total inventories – net	$	467.5		$	434.4

Inventories accounted for using the first-in, first-out (“FIFO”) method as of June 28, 2014, and December 28, 2013, approximated 61% and 60%, respectively, of total inventories. The company accounts for its non-U.S. inventory on the FIFO method. As of June 28, 2014, approximately 32% of the company’s U.S. inventory was accounted for using the FIFO method and 68% was accounted for using the last-in, first-out (“LIFO”) method. There were no LIFO inventory liquidations in the three and six month periods ended June 28, 2014, or June 29, 2013.