INVENTORIES

6 Months Ended

May 02, 2021

INVENTORIES

INVENTORIES

(13)  Inventories

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:

	May 2		November 1		May 3
	2021		2020		2020
Raw materials and supplies	$	2,469	$	1,995	$	2,394
Work-in-process		967		648		722
Finished goods and parts		4,334		4,006		4,646
Total FIFO value		7,770		6,649		7,762
Less adjustment to LIFO value		1,728		1,650		1,591
Inventories	$	6,042	$	4,999	$	6,171