Mixing itemize with multi-line math displays

Question

I have a list of equations that I want to enumerate using itemize. The equations should also be numbered equations. This is no problem if those equations fit onto one line -- I just typeset them between dollar signs (and use the macro from the first answer to How to label text with equation number? to number things). The problem arises when some of the equations take multiple lines. I want to use \begin{split} to split them up. The problem is that using \begin{equation} and \begin{split} forces everything to be on a new line, and I want this stuff to appear on the line with the big dot from itemize. It won't let me use split in in-line math. How can I get this to work?

EDIT : Here is an example to illustrate what I want:

\documentclass{article}
\usepackage{amsmath}
\begin{document}

\begin{itemize}
\item \[\begin{split}
7x+2y = &3z+7w\\
        &+23654
\end{split}\]
\end{itemize}

\end{document}

The problem with the above is two-fold : first, the math is on a separate line from the big dot, and second it is centered. I ignored the numbering at this point to make things easier to understand.

Answer 1

\documentclass{article}
\usepackage{amsmath}
\begin{document}
\begin{itemize}
\item $\begin{aligned}[t] 
        7x+2y &=3z+7w \\
              &\phantom{=}+23654   
       \end{aligned}$
\end{itemize}
\end{document}