Sales $424,000 Cost of goods sold: Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit $153,000 287,000 440,000 158, 000 282,000 $142,000 The beginning inventory balance is correct. However, the ending inventory figure was overstated by $34,000. Given this information, the correct gross profit would be: Multiple Choice $142,000 $121,000 $108,000. $119,000. $176,000