Swift plc acquired 75% of equity shares in Wren plc, on 11 January 20X6, when Wren's retained earnings were pound£124,000. An extract from the Statements of income of both companies for the year ended 3131 December 20X8 was as follows: Income statements Swift Wren For the year ended 31.12.20X8 £' 000 £' 000 Sales revenue 7,200 1,600 Cost of sales (5,450) (942) Gross profit 1,750 658 During the year ended 31 December 20X8, Swift sold goods invoiced at pound£400,000 to Wren at cost plus a third. pound£80,000 of these goods remain with Wren at the year end. What is the consolidated gross profit?

Christopher kim, cfa, is a banker with batts brothers, an investment banking firm. kim follows the energy industry and has frequent contact with industry executives. kim is contacted by the ceo of a large oil and gas corporation who wants batts brothers to underwrite a secondary offering of the company's stock. the ceo offers kim the opportunity to fly on his private jet to his ranch in texas for an exotic game hunting expedition if kim's firm can complete the underwriting within 90 days. according to cfa institute standards of conduct, kim: a) may accept the offer as long as he discloses the offer to batts brothers.b) may not accept the offer because it is considered lavish entertainment.c) must obtain written consent from batts brothers before accepting the offer.