Gross margin for a department was $159,500; the Operating Expenses were $147,000; Profit was 3%. Cost of goods sold in dollars and as a percent are:

Group of answer choices

$306,500 57%

$257,166.67 61.72%

$4,900,000.00 100%

$147,000 35.28%

$257,166.67 38.28%