INVENTORIES

6 Months Ended

May 01, 2022

INVENTORIES

INVENTORIES

(10)  Inventories

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

	May 1		October 31		May 2
	2022		2021		2021
Raw materials and supplies	$	4,384	$	3,524	$	2,469
Work-in-process		1,640		994		967
Finished goods and parts		5,434		4,373		4,334
Total FIFO value		11,458		8,891		7,770
Less adjustment to LIFO value		2,428		2,110		1,728
Inventories	$	9,030	$	6,781	$	6,042