I need help with this question but an explanation more than an answer. How to calculate the new amount for ending inventory and the rest.

Smart Company prepared its annual financial statements dated December 31. The company reported its inventory using the FIFO inventory costing method and failed to evaluate its net realizable value at December 31. The preliminary income statement follows $300,0060 Sales Revenue Cost of Goods Sold 40,0060 202,000 242,000 76,800 Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Income Tax Expense (30%) Net Income 165,200 134, 800 71,000 63,800 19,140 $ 44,668