Merck & Co. Inc. | 2013 | FY | 3


Inventories
Inventories at December 31 consisted of:
 
2013
 
2012
Finished goods
$
1,738

 
$
1,924

Raw materials and work in process
5,894

 
5,921

Supplies
225

 
244

Total (approximates current cost)
7,857

 
8,089

Increase to LIFO costs
73

 
52

 
$
7,930

 
$
8,141

Recognized as:
 
 
 
Inventories
$
6,226

 
$
6,535

Other assets
1,704

 
1,606


Inventories valued under the LIFO method comprised approximately $2.3 billion and $2.1 billion of inventories at December 31, 2013 and 2012, respectively. Amounts recognized as Other assets are comprised almost entirely of raw materials and work in process inventories. At December 31, 2013 and 2012, these amounts included $1.5 billion and $1.4 billion, respectively, of inventories not expected to be sold within one year. In addition, these amounts included $177 million and $196 million at December 31, 2013 and 2012, respectively, of inventories produced in preparation for product launches.

us-gaap:InventoryDisclosureTextBlock