cue yeaf its Ihcome tax return Explain. LO8-4 PROBLEM 8.3A Alternative Cost Flow Assume that Speed World uses a periodic inventory system. (See the data given before Problem 8.2A.) Systemtos in a Perlodic Instructions Compute the cost of goods sold relating to the sale on July 28 and the ending inventory of Kazomma 900 dirt bikes at September 30, using the following cost flow assumptions. 1. Average cost. 2. FIFO 3. LIFO a. 78 Chapter 8 Inventories and the Cost of Goods Sold Show the number of units and unit costs in each cost layer of the ending inventory. You may determine the cost of goods sold by deducting ending inventory from the cost of goods avail- able for sale. b. If Speed World Cycles uses the LIFO cost flow assumption for financial reporting purposes can it use the FIFO method for income tax purposes? Explain