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Determine the correct gross profit

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

Sales $419,000

Cost of goods sold:

Beginning inventory $145,500

Cost of goods purchased 282,000

Cost of goods available for sale 427,500

Ending inventory 153,000

Cost of goods sold 274,500

Gross profit $144,500

The beginning inventory balance is correct. However, the ending inventory figure was overstated by $29,000. Given this information, determine the correct gross profit?

Reference no: EM133100664

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