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 (or Gross Margin) 200,000 Selling and administrative expenses 75,000 Income tax expense 12,000 What is Knight Companys cost of goods sold for Year 1? $ 220,000 $ 188,000 $ 155,000 $ 300,000 $ 430,000