INVENTORIES
Inventories consisted of the following (in millions):
|
| | | | | | | |
| September 30, |
| 2013 | | 2012 |
| | | |
Raw materials and supplies | $ | 1,086 |
| | $ | 1,144 |
|
Work-in-process | 459 |
| | 397 |
|
Finished goods | 780 |
| | 802 |
|
Inventories | $ | 2,325 |
| | $ | 2,343 |
|
In the fourth quarter of fiscal 2013, the Company changed its method of inventory costing for certain inventory in its Power Solutions business to the first-in first-out (FIFO) method from the last-in first-out (LIFO) method. Refer to Note 1, “Summary of Significant Accounting Policies,” of the notes to consolidated financial statements for discussion of the Company’s change in accounting method.
