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?