During 20X1, Elwood Company recorded the following information on its income statement: Sales revenue $500,00 Interest expense 10,000 Interest income 15,000 Gross profit (or gross margin) 200,000 Selling and administrative expenses 75,000 Income tax expense 12,000 What is Elwood Company's cost of goods sold for 20X1? $300,000 $220,000 $188,000 $155,000