QUESTION 23 Ranger Company reported the following income statement information for the current year: Sales $ 412,000 Cost of goods sold: Beginning inventory $ 135,000 Cost of goods purchased 275,000 Cost of goods available for sale 410,000 Ending inventory 146,000 Cost of goods sold 264,000 Gross profit $ 148,000 The beginning inventory balance is correct. However, the ending inventory figure was overstated by $32,500. Given this information, the correct cost of goods sold would be