The total time would be the sum of time for the bullet to reach the gong and the time it takes the sound to reach you.
So we have:
0.723 s = time for
bullet to reach gong + time for sound to reach you
Let us say that D is the distance, then time for bullet to
reach gong is D/1600
While the time for sound to reach you is D/326
therefore we get
0.723 = D/1600 +D/326
D = 0.723 / (1/1600 + 1/326)
D = 195.8 m