either of the statement alone is not sufficient.Combining

From 1 we get
cost to company =labor+material=3x where x is material cost
hence labor cost=2x

From 2 we get profit>2x
now if profit is 150000 ,labor cost is 2*(500000-150000)/3=300000 ..condition 2 does not satisfied

hence to satisfy condition 2 profit has to be >150000

Ans option C--both together sufficient
What is OA?

also got C
if labor costs=l, amd material cost=m, the question asks is

500-(l+m)<350, or is l+m<350
(1) l+m=3m, and l=2m, here we have only relation between l and m l:m=2:1, but no values so insufficient
(2) 500-(l+m)>l, 500>2l+m here one equation with two unknowns so insufficient
both
2l+m<500
l=2m
solve in terms of m,
m<100

then l=2m, l<2*100<200
as m<100, and l<200 their some will be less than 350
so my answer is C

OA-C