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INVENTORIES
12 Months Ended
Oct. 27, 2024
INVENTORIES  
INVENTORIES

13. INVENTORIES

A majority of inventories owned by us are valued at cost on the “last-in, first-out” (LIFO) basis. If all inventories valued on a LIFO basis had been valued on a “first-in, first-out” (FIFO) basis, the estimated inventories by major classification would have been as follows at the end of 2024 and 2023:

 

2024

 

2023

 

Raw materials and supplies

 

$

3,486

 

$

4,080

 

Work-in-process

 

930

 

1,010

Finished goods and parts

 

5,364

 

5,435

Total FIFO value

 

9,780

 

10,525

Excess of FIFO over LIFO

 

2,687

 

2,365

Inventories

 

$

7,093

 

$

8,160

Percent valued on LIFO basis

 

54%

53%