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Lorraine Co. has determined its fiscal year-end inventory on a FIFO basis to be $400,000. Information pertaining to that inventory follows:
Estimated selling price..................$408,000
Estimated cost of disposal.............. 20,000
Normal profit margin...................... 60,000
Current replacement cost ...............360,000
Lorraine records losses that result from applying the lower-of-cost-or-market (LCM) rule. At its year end, what should be the net carrying value of Lorraine’s inventory?