Based on the following 2022 information reported by royal company

Year end inventory cost $400,000

Estimated selling price $408,000

Estimated cost of disposal 20,000

Normal profit margin 60,000

Current replacement cost 360,000

1)Assuming royal determined its year end inventory on a fifo basis, what is the net carrying amount of the inventory to be reported on its balance sheet?

2) )Assuming royal determined its year end inventory on a lifo basis, what is the net carrying amount of the inventory to be reported on its balance sheet?