A company sold inventory items to customers for $500 on August 11. The customers paid the company $300 for the inventory items on August 11 and promised to pay the remaining $200 within 60 days.

The company had purchased these inventory items from its supplier on August 1. The supplier billed the company $350 for these inventory items. The company paid the supplier $100 for these inventory items on August 1 and promised to pay the supplier the remaining $250 within 30 days.

What is the company's gross profit for August 11 based on U.S. GAAP?

Group of answer choices

$300

$500

$150

$200