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

Sales $ 430,000
Cost of goods sold:
Beginning inventory $ 162,000
Cost of goods purchased 293,000
Cost of goods available for sale 455,000
Ending inventory 164,000
Cost of goods sold 291,000
Gross profit $ 139,000

The beginning inventory balance is correct. However, the ending inventory figure was overstated by $20,000. Given this information, the correct gross profit would be: