1. During Year 1, Knight Company recorded the following information on its Income Statement: Sales revenue: $500,000 Interest expense: $10,000 Interest income: $15,000 Gross Profit $200,000 Selling and administrative expenses: $75,000 Income tax expense: $12,000 What is Knight Company's cost of goods sold for year 1? $188,000 $220,000 $300,000 $155,000 $430,000