INVENTORIES

9 Months Ended

Jul. 31, 2012

INVENTORIES

INVENTORIES

(12)Most inventories owned by Deere & Company and its U.S. equipment subsidiaries are valued at cost, on the “last-in, first-out” (LIFO) method.  If all of the Company’s inventories had been valued on a “first-in, first-out” (FIFO) method, estimated inventories by major classification in millions of dollars would have been as follows:

	July 31 2012		October 31 2011		July 31 2011
Raw materials and supplies	$	1,876	$	1,626	$	1,628
Work-in-process	639		647		567
Finished goods and parts	4,673		3,584		3,954
Total FIFO value	7,188		5,857		6,149
Less adjustment to LIFO value	1,321		1,486		1,461
Inventories	$	5,867	$	4,371	$	4,688