6. Inventories

Inventories consist of the following (in thousands):

	June 30, 2017			September 30, 2016
Finished goods	$	36,190		$	40,260
Work in process		1,828			8,272
Raw material		70,438			65,682
Obsolescence reserve		(20,432	)		(9,674	)
	$	88,024		$	104,540

During the nine months ended June 30, 2017 and 2016, the Company made non-cash inventory transfers of $1.6 million and $3.0 million, respectively, to rental equipment and $1.9 million and $0.1 million, respectively, to property, plant and equipment. Raw materials include semi-finished goods and component parts totaling $43.8 million at June 30, 2017 and September 30, 2016, respectively.