Hull Company reported the following income statement information for the current year:

Sales	$	415,000
Cost of goods sold:
Beginning inventory	$	139,500
Cost of goods purchased		278,000
Cost of goods available for sale		417,500
Ending inventory		149,000
Cost of goods sold		268,500
Gross profit	$	146,500

The beginning inventory balance is correct. However, the ending inventory figure was overstated by $25,000. 

Given this information, Calculate the correct gross profit.