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INVENTORIES

6 Months Ended

Apr. 30, 2014

(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:

	April 30 2014		October 31 2013		April 30 2013
Raw materials and supplies	$	2,024	$	1,954	$	2,006
Work-in-process	956		753		726
Finished goods and parts	4,389		3,757		4,789
Total FIFO value	7,369		6,464		7,521
Less adjustment to LIFO value	1,519		1,529		1,348
Inventories	$	5,850	$	4,935	$	6,173

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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