Print PageCUMMINS INC. AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 6. INVENTORIES
Inventories include the following:
| December 31, | ||||||
| 2007 | 2006 | |||||
| Millions | ||||||
| Finished products | $ | 770 | $ | 705 | ||
| Work-in-process and raw materials | 1,007 | 761 | ||||
| Inventories at FIFO cost | 1,777 | 1,466 | ||||
| Excess of FIFO over LIFO | (85 | ) | (73 | ) | ||
| Total inventories | $ | 1,692 | $ | 1,393 | ||
The accompanying notes are an integral part of the Consolidated Financial Statements.