For the last several years Conway Corporation has operated with a gross profit rate of 34%. On January 1 of the current year, the company had on hand inventory with a cost of $580,000. Purchases of merchandise during January amounted to $108,000, and sales for the month were $410,000. Using the gross profit method, what is the estimated inventory at January 31? Multiple Choice $410,000 $139,400 $417,400 $270,600