In 20X8 Lola’s net profit margin has fallen to 9.8% from 10.2% in the previous year. Her gross profit margin, on the other hand, has increased from 30.2% to 33.8%. Sales in 20X7 were £148 360 and in 20X8 were £153 062.

From this information prepare summary profit and loss account statements for 20X7 and 20X8 showing sales, cost of sales, gross profit, expenses and net profit. (Work to the nearest £.)