Accounting, Analysis, and Principles Splish Company sells two types of pumps. One is large and is for commercial use smaller and is used in residential swimming pools. The following inventory data is availe month of March. Price per Total Units Unit Residential Pumps Inventory at Feb. 28: 246 492 121,032 Purchases: March 10 March 20 March 30 554 340,710 492 584 287,328 369 s 615 226,935 Sales: 615 664 408,360 492 701 344,8921 March 15 March 25 Inventory at March 31 615 Commercial Pumps Inventory at Feb. 28: 738 984 $ 726,192 Purchases: March 3 March 12 March 21 738 $1,107 816,966 369 1,169 431,361 615 $1,230 756,450 Sales: 1,107 $1,328 $1,470,096 738 $1,402 $1,034,676 March 18 March 29 615 Inventory at March 31: In addition to the above information, due to a downturn in the economy that has hit Splish's commercial customers e onw has developed the following additional information. hard, Splish expects commercial pump prices from March 31 ard to be considerably different (and lower) than at the beginning of and during March. Splish Commercial Pumps Residential Pumps $713 Net realizable value (per unit) The normal profit margin is 16.67% of cost. Splish uses the LIFO accounting method. Determine the dollar amount that Splish should report on its March 31 balance sheet for inventory. $1,107 Assume Splish applies lower-of-cost-or-market at the individual product level. Total amount of inventory Determine the dollar amount that Splish should report on its March 31 balance sheet for inventory. Assume Splish applies lower-of-cost-or-market at the major category level. Splish places both