(12) Most inventories owned by Deere & Company and its U.S. equipment subsidiaries and certain foreign 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:


	January 31		October 31		January 31
	2016		2015		2015
Raw materials and supplies	$	1,638	$	1,559	$	1,723
Work-in-process		538		450		697
Finished goods and parts		3,480		3,234		3,622
Total FIFO value		5,656		5,243		6,042
Less adjustment to LIFO value		1,406		1,426		1,515
Inventories	$	4,250	$	3,817	$	4,527