A company reported the following amounts in its income statement:

$$

Sales revenue$ $440,000$Advertising expense$60,000$Interest expense$10,000$Salaries expense$55,000$Utilities expense$25,000$Income tax expense$45,000$Cost of goods sold$180,000$

What is gross profit?

Multiple Choice

$$220,000$

$$260,000$

$$180,000$

$$120,000$