Hull Company reported the following income statement information for the current year: Sales $ 411,000 Cost of goods sold: Beginning inventory $ 133,000 Cost of goods purchased 274,000 Cost of goods available for sale 407,500 Ending inventory 145,000 Cost of goods sold 262,500 Gross profit $ 148,500 The beginning inventory balance is correct. However, the ending inventory figure was overstated by $21,000. Given this information, the correct gross profit would be: