Hull Company reported the following income statement 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 $423,000 $151,500 286,000 437,500 157,000 280, 500 $142,500 The beginning inventory balance is correct. However, the ending inventory figure was overstated by $33,000. Given this information, the correct gross profit would be: