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Inventories | 12 Months Ended
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Sep. 30, 2020
Inventory Disclosure [Abstract] |
Inventories | NOTE 2 - INVENTORIES Inventories are valued at the lower of cost or net realizable value. During the fourth quarter of fiscal 2019, the Company changed its method for accounting for cost of inventories from the LIFO method to the FIFO method. The Company believes the FIFO method improves financial reporting by better reflecting the current value of inventory on the consolidated balance sheets, by more closely aligning the flow of physical inventory with the accounting for the inventory, and by providing better matching of revenues and ex p enses. Net inventories consist of the following:
|  | September 30, |
|  | 2020 |  |  | 2019 |
Raw materials |  | $ | 14,607,000 |  |  | $ | 14,158,000 |
Work in process |  |  | 3,633,000 |  |  |  | 1,397,000 |
Finished goods |  |  | 8,810,000 |  |  |  | 9,811,000 |
Used equipment |  |  | 40,000 |  |  |  | — |
Inventories, net |  | $ | 27,090,000 |  |  | $ | 25,366,000 |
Slow-moving and obsolete inventory reserves were $4,617,000 and $4,700,000 at September 30, 2020 and 2019, respectively.

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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 http://asc.fasb.org/topic&trid=2126998 + Details
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