Inventories

3 Months Ended

Jan. 02, 2021

INVENTORIES

Processed products, livestock, and supplies and other are valued at the lower of cost or net realizable value. Cost includes purchased raw materials, live purchase costs, growout costs (primarily feed, livestock grower pay and catch and haul costs), labor and manufacturing, and production overhead, which are related to the purchase and production of inventories. At January 2, 2021, the cost of inventories was determined by either the first-in, first-out (“FIFO”) method or the weighted-average method, which is consistent with the methods used at October 3, 2020.

The following table reflects the major components of inventory (in millions):


	January 2, 2021		October 3, 2020
Processed products	$	2,142	$	2,223
Livestock	1,068		977
Supplies and other	705		659
Total inventory	$	3,915	$	3,859