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Inventories | 12 Months Ended
--- | ---
Jun. 30, 2014
Inventories |
Inventories | 5. Inventories
|  | June 30, |
($ in millions) |  | 2014 |  | 2013 |
Raw materials and supplies |  | $ | 122.3 |  | $ | 111.6 |
Work in process |  | 393.9 |  | 325.9 |
Finished and purchased products |  | 183.0 |  | 221.7 |
Total inventory |  | $ | 699.2 |  | $ | 659.2 |
If the first-in, first-out method of inventory had been used instead of the LIFO method, inventories would have been $195.7 million and $222.4 million higher as of June 30, 2014 and 2013, respectively. Current cost of LIFO-valued inventories was $733.7 million at June 30, 2014 and $708.3 million at June 30, 2013. The reductions in LIFO-valued inventories decreased cost of sales by $0.0 million during fiscal year 2014, $2.1 million during fiscal year 2013, and $0.0 million during fiscal year 2012.

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- Definition The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a, b, c -Article 5 + Details
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