Jason has $540 to spend at a bicycle store for some new gear and biking outfits. Assume all prices listed include tax. He buys a new bicycle for $217.34. He buys 4 bicycle reflectors for $9.08 each and a pair of bike gloves for $12.18. He plans to spend some or all of the money he has left to buy new biking outfits for $68.54 each.
The total cost of the four bicycle reflectors is 4 * 9.08 = $<<4*9.08=36.32>>36.32.
The total cost of the biking outfits is 68.54 * x, where x is the number of biking outfits.
The total amount spent so far is 217.34 + 36.32 + 12.18 = $<<217.34+36.32+12.18=265.84>>265.84.
The amount of money left to spend on biking outfits is 540 - 265.84 = $<<540-265.84=274.16>>274.16.
Since 68.54 * x = 274.16, then x = 274.16 / 68.54 = <<274.16/68.54=4>>4.
Thus, Jason can buy 4 biking outfits. Answer: \boxed{4}.