Individual Statements of income of Alpha and its 80% owned subsidiary Beta report the information shown. A third of the interest paid by Beta was received by Alpha. During the current year Alpha has invoiced goods for £180,000 to Beta at cost plus a fourth. £40,000 of these goods remained unsold with Beta by the year-end. During the year goodwill in Beta was impaired by £30,000. Identify the consolidated group profit for the year.

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Gross profit Expenses Interest received Interest paid Taxation Alpha Beta 740,000 £496,000 (£440,000) (£276,600) £7,000 (£21,000) (£54,000) (£40,000) - a £403,000 b £346,320 c £401,000 d £375,000