B. INVENTORIES

The major classes of inventories at June 30 were as follows (in thousands):

	2015	2014
Finished parts	$ 56,982	$ 66,418
Work-in-process	8,292	12,419
Raw materials	14,967	18,742

	$ 80,241	$ 97,579

Inventories stated on a LIFO basis represent approximately 28% of total inventories at June 30, 2015 and 2014. The approximate current cost of the LIFO inventories exceeded the LIFO cost by $26,816,000 and $27,180,000 at June 30, 2015 and 2014, respectively. The Company had reserves for inventory obsolescence of $8,167,000 and $7,591,000 at June 30, 2015 and 2014, respectively.