Ace Company reported the following information for the current year: Sales Cost of goods sold: Beginning inventory Cost of goods purchased Cost of goods available for sale. Ending inventory Cost of goods sold Gross profit $ 427,000 $ 157,500 290,000 447,500 161,000 286,500 $ 140,500 The beginning inventory balance is correct. However, the ending inventory figure was overstated by $37,000. Given this information, the correct gross profit would be: