INVENTORIES, NET

6 Months Ended

Jun. 30, 2018

Inventories at June 30, 2018 and December 31, 2017 comprised the following:



	June 30, 2018			December 31, 2017
Finished goods	$	47.3		$	33.0
Work in process	23.0			56.0
Raw materials and purchased parts	83.5			66.4
Total FIFO cost	153.8			155.4
Excess of FIFO cost over LIFO inventory value	(11.9		)	(12.4		)
Total inventories, net	$	141.9		$	143.0

As indicated in Note 2, in connection with the adoption of ASC 606, effective January 1, 2018, inventories were reduced by $40.2. In connection with the Cues transaction, we acquired $33.1 of inventories.

Inventories include material, labor and factory overhead costs and are reduced, when necessary, to estimated net realizable values. Certain inventories are valued using the last-in, first-out (“LIFO”) method. These inventories were approximately 44% and 56% of total inventory at June 30, 2018 and December 31, 2017, respectively. Other inventories are valued using the first-in, first-out (“FIFO”) method.