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Hull Company Reported the Following Income Statement Information for the Current

question 141

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Hull Company reported the following income statement information for the current year: 35
 Sales $410,000 Cost of goods sold:  Beginning inventory $132,000\begin{array}{|l|l|}\hline & \\\hline \text { Sales } & \$ 410,000 \\\hline \text { Cost of goods sold: } & \\\hline \text { Beginning inventory } & \$ 132,000 \\\hline\end{array}

 Beginning inventory $132,000 Cost of goods purchased 273,000 Cost of goods available  for sale 405,000 Ending inventory 144,000 Cost of goods sold 261,000 Gross profit $149,000\begin{array}{|l|r|}\hline \text { Beginning inventory } & \$ 132,000 \\\hline \text { Cost of goods purchased } & \underline{273,000} \\\hline \begin{array}{l}\text { Cost of goods available } \\\text { for sale }\end{array} & 405,000 \\\hline \text { Ending inventory } & \underline{144,000} \\\hline \text { Cost of goods sold } & \underline{261,000} \\\hline \text { Gross profit } & \$ 149,000 \\\hline\end{array} The beginning inventory balance is correct. However, the ending inventory figure was overstated by
$20,000. Given this information, the correct gross profit would be:


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