Busby Corp. uses cashbasis accounting for its records. During 2019, Busby collected $780,000 from its customers, made payments of $420,000 to its suppliers for inventory, and paid $170,000 for administrative costs. Busby wants to prepare accrualbasis financial statements. In gathering information for the accrualbasis financial statements, Busby discovered the following:

1. Customers owed Busby $40,000 at the beginning of 2019 and $36,000 at the end of 2019.

2. Busby owed suppliers $19,000 at the beginning of 2019 and $28,000 at the end of the 2019.

3. Busbys beginning inventory was $63,000 and its ending inventory was $47,000.

What should Busbys Gross Profit be on accrual basis?