INVENTORIES

6 Months Ended

May 03, 2020

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 3		November 3		April 28
	2020		2019		2019
Raw materials and supplies	$	2,394	$	2,285	$	2,424
Work-in-process		722		747		873
Finished goods and parts		4,646		4,613		5,729
Total FIFO value		7,762		7,645		9,026
Less adjustment to LIFO value		1,591		1,670		1,865
Inventories	$	6,171	$	5,975	$	7,161