Hull Company reported the following income statement information for the current year: Sales$427,000? Cost of goods sold: Beginning inventory$157,500? Cost of goods purchased 290,000? Cost of goods available for sale 447,500? Ending inventory 161,000? Cost of goods sold 286,500? Gross profit$140,500? The beginning inventory balance is correct. However, the ending inventory figure was overstated by $37,000. Given this information, the correct gross profit would be:
A. $120,500.
B. $116,500.
C. $177,500.
D. $103,500.
E. $140,500.
Answer: D
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