Oven temp off by approx 150deg?

Hi -

Had problem with upper electric oven temp varying by +/- 100deg, so I replaced the thermostat and it appears to be holding firm temps now, the only problem is that it is just about 150deg low (set 350, temp 205, set 500, temp 350). While I was replacing the thermostat, I checked the condition of the coil connections and they look good, tight, not burned, frayed or disconnected. It will hold 350 for 30 mins now while set at 500.:confused:

I don’t see any way to calibrate for 150 deg that is obvious, am I missing it?
What would be the next step in troubleshooting? Could a faulty element be causing this?

The lower oven has completely separate controls and works fine.

Thanks for any help…