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INVENTORIES | 6 Months Ended
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Apr. 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | April 30 |  | October 30 |  | May 1 |
​ | ​ | 2023 | ​ | 2022 | ​ | 2022 |
Raw materials and supplies |  | $ | 4,647 | ​ | $ | 4,442 | ​ | $ | 4,384 | ​
Work-in-process | ​ | ​ | 1,262 | ​ |  | 1,190 | ​ |  | 1,640 | ​
Finished goods and parts | ​ | ​ | 6,435 | ​ |  | 5,363 | ​ |  | 5,434 | ​
Total FIFO value | ​ | ​ | 12,344 | ​ |  | 10,995 | ​ |  | 11,458 | ​
Less adjustment to LIFO value | ​ | ​ | 2,631 | ​ |  | 2,500 | ​ |  | 2,428 | ​
Inventories |  | $ | 9,713 | ​ | $ | 8,495 | ​ | $ | 9,030 | ​
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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI https://asc.fasb.org/topic&trid=2126998 + Details
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