Problem $8\mathrm{.}3$A $($Static$)$ Alternative Cost Flow Assumptions in a Periodic System $($LO$8-4)$

Speed World Cycles sells high$-$performance motorcycles and motocross racers. One of Speed World$$s most popular models is the Kazomma $900$ dirt bike. During the current year, Speed World Cycles purchased eight of these bikes at the following costs:

Purchase DateUnits PurchasedUnit CostTotal CostJuly $12$$ $4,950$$ $9,900$July $2235,00015,000$August $335,10015,3008$$ $40,200$

On July $28,$ Speed World Cycles sold four Kazomma $900$ dirt bikes to the Vince Wilson racing team. The remaining four bikes remained in inventory at September $30,$ the end of Speed World$$s fiscal year.

Assume that Speed World Cycles uses a periodic inventory system.

Required:

a$-1.$ 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 Average$-$cost method.

a$-2.$ 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 First$-$in$,$ first$-$out $($FIFO$)$ method.

a$-3.$ 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$$Last$-$in$,$ first$-$out $($LIFO$)$ method.