Teeby Ltd. is a wholesaler for hair care products. Purchases and sales are entirely on credit. You have ascertained the following information for the trading year just ended:

• The amounts due from customers at the start and end of the year was 100,000 and 84,000 respectively
• Receipts from customers during the year amounted to 744,000
• Payments to suppliers during the year totalled 580,000
• The company uses a 30% mark-up to set its sales price

What was the companys gross profit for the year?