Answer:
Cost of goods sold= 250,000
Step-by-step explanation:
We can calculate the cost of good sold based on the markup policy of the firm:
Sales price: cost + 40% over cost markup
sales price = cost ( 1 + 40%) = 1.4 cost
so we can calculate cost of good sold for May from the sales figure.
350,000 sales = 1.4 cost
350,000 / 1.4 = cost
Cost of goods sold= 250,000