For the last several years Carrington Corporation has operated with a gross profit rate of 44%. On January 1 of the current yeac the company had on hand inventory with a cost of $780,000. Purchases of merchandise during January amounted to $128,000, and sales far the month were $510,000. Using the gross profit method, what is the estimated inventory at January 31 ? Multiple Choice $510,000 $622,400 $285,600 $224,400