For the last several years Conway Corporation has operated with a gross profit rate of 60%. On January 1 of the current year, the company had on hand inventory with a cost of $840,000. Purchases of merchandise during January amounted to $134,000, and sales for the month were $540,000. Using the gross profit method, what is the estimated inventory at January 31? Multiple Choice $758,000 O O $324,000 $540,000 a O $216,000