Whispering Company sells two types of pumps. One is large and is for commercial use. The other is smaller and is used in residential swimming pools. The following inventory data is available for the month of March.

			Units		Price per Unit					Total
Residential Pumps
	Inventory at Feb. 28:		222			$	444			$	98,568
Purchases:
	March 10		555			$	500			$	277,500
	March 20		444			$	527			$	233,988
	March 30		333			$	555			$	184,815
Sales:
	March 15		555			$	599			$	332,445
	March 25		444			$	633			$	281,052
	Inventory at March 31:		555
Commercial Pumps
	Inventory at Feb. 28:		666			$	888			$	591,408
Purchases:
	March 3		666			$	999			$	665,334
	March 12		333			$	1,055			$	351,315
	March 21		555			$	1,110			$	616,050
Sales:
	March 18		999			$	1,199			$	1,197,801
	March 29		666			$	1,265			$	842,490
	Inventory at March 31:		555

In addition to the above information, due to a downturn in the economy that has hit Whisperings commercial customers especially hard, Whispering expects commercial pump prices from March 31 onward to be considerably different (and lower) than at the beginning of and during March. Whispering has developed the following additional information.

		Commercial Pumps		Residential Pumps
Net realizable value (per unit)		$999		$644

The normal profit margin is 16.67% of cost. Whispering uses the FIFO accounting method.

a) Determine the dollar amount that Whispering should report on its March 31 balance sheet for inventory. Assume Whispering applies lower-of-cost-or-net realizable value at the individual product level.

Total amount of inventory

$______________

b) Determine the dollar amount that Whispering should report on its March 31 balance sheet for inventory. Assume Whispering applies lower-of-cost-or-market at the major category level. Whispering places both commercial and residential pumps into the same (and only) category.

Total amount of inventory

$______________