ACCT 3331- Busby Corp. uses cash?basis accounting for its records.

Busby Corp. uses cash?basis accounting for its records. During 2013, Busby collected $780,000from its customers, made payments of $420,000 to its suppliers for inventory, and paid$170,000 for administrative costs. Busby wants to prepare accrual?basis financial statements. Ingathering information for the accrual?basis financial statements, Busby discovered thefollowing: 1. Customers owed Busby $40,000 at the beginning of 2013 and $36,000 at the end of2013. 2. Busby owed suppliers $19,000 at the beginning of 2013 and $28,000 at the end of the2013. 3. Busby’s beginning inventory was $63,000 and its ending inventory was $47,000. What should Busby’s Gross Profit be on accrual basis?