Then, compare Deeres As if FIFO values to CNHs values. Which of these values would you consider significantly different? Which company do you believe is operating more efficiently? Explain your answer.

Fiscal 2012	Deere & Company		CNH Global
	As Reported	As if FIFO	As Reported
Common size COGS	25,007.8/33,500.9 = 74.63%	25,072.8/33,500.9 = 74.84%	15,566/19,427 = 80.13%
Net Income	3,064.7	3,019.45	888.0
Growth in Net Income	3,064.7-2,799.9/2,799.9=9.46%	3019.45-2857.1/2857.1=5.68%	888-448/448=98.21%
Common-size Net Income	3,064.7/33,500.9=9.15%	3,019.45/33,500.9=9.01%	888/19,427=4.57%
Total Assets	56,265.8	57,686.8	35,426.0
Inventory	5,170.0	6,591.0	3,734.0
Common-size Inventory	5,170/56,265.8=9.19%	6,591/57,686.9=11.43%	3,734/35,426=10.54%