Inventories

Inventories include materials, labor, in-bound freight, and related manufacturing overhead, are stated at the lower of cost (on a first-in, first-out or average cost basis) or market, and consist of the following (in millions):



	November 30, 2018			August 31, 2018
Raw materials, supplies, and work in process ⁽¹⁾	$	196.3		$	196.8
Finished goods	261.4			251.8
Inventories excluding reserves	457.7			448.6
Less: Reserves	(37.5		)	(36.8		)
Total inventories	$	420.2		$	411.8

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⁽¹⁾	Due to the immaterial amount of estimated work in process and the short lead times for the conversion of raw materials to finished goods, we do not believe the segregation of raw materials and work in process is meaningful information.