Jacozzi Corporation reported the following information for the current year:

Sales

$ $416,000$

Cost of goods sold:

Beginning inventory

$ $141,000$

Cost of goods purchased

$279,000$

Cost of goods available for sale

$420,000$

Ending inventory

$150,000$

Cost of goods sold

$270,000$

Gross profit

$ $146,000$

The ending inventory balance was overstated by $$26,000.$ Given this information, the correct gross profit would be: