Hull Company reported the following income statement information for the current year: $423,000 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 $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: Multiple Choice O $109,500 $142,500 0 0 $122.500. 0