INVENTORIES

9 Months Ended

Jul. 31, 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:

	July 31		October 31		August 1
	2022		2021		2021
Raw materials and supplies	$	4,508	$	3,524	$	2,895
Work-in-process		1,621		994		1,124
Finished goods and parts		5,434		4,373		4,176
Total FIFO value		11,563		8,891		8,195
Less adjustment to LIFO value		2,442		2,110		1,785
Inventories	$	9,121	$	6,781	$	6,410