INVENTORIES

9 Months Ended

Jul. 30, 2023

INVENTORIES

INVENTORIES

(10)  Inventories

A majority of inventory 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 30		October 30		July 31
	2023		2022		2022
Raw materials and supplies	$	4,492	$	4,442	$	4,508
Work-in-process		1,307		1,190		1,621
Finished goods and parts		6,164		5,363		5,434
Total FIFO value		11,963		10,995		11,563
Less adjustment to LIFO value		2,613		2,500		2,442
Inventories	$	9,350	$	8,495	$	9,121