Hull Company reported the following income statement information for 2015:

		2015
Sales	$	417,000
Cost of goods sold:
Beginning inventory		142,500
Cost of goods purchases		280,000
Cost of goods available for sale		422,500
Ending inventory		151,000
Cost of goods sold		271,500
Gross profit	$	145,500

The beginning inventory balance for Year 1 is correct. However, the ending inventory figure for Year 1 was overstated by $27,000. Given this information, the correct gross profit figure for 2015 would be:

$131,500.

$115,500.

$172,500.

$145,500.

$118,500.