INVENTORIES

9 Months Ended

Aug. 01, 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:

	August 1		November 1		August 2
	2021		2020		2020
Raw materials and supplies	$	2,895	$	1,995	$	2,101
Work-in-process		1,124		648		696
Finished goods and parts		4,176		4,006		4,427
Total FIFO value		8,195		6,649		7,224
Less adjustment to LIFO value		1,785		1,650		1,574
Inventories	$	6,410	$	4,999	$	5,650