Yes, using the reference to status.value will bring up the value of the choice that was selected. I notice you may be using a gallery, in which case you may have to reference it through ThisItem.status.value
The If statement we suggested earlier will read the value and compare it to the string, "Rejected". If they match, it will return "" (an empty string, which displays as a blank entry in a label). Otherwise, your code shows it returning a value of zero.
If your code is going into the Text property of a label, you may wish to rework your Text() function to put it inside the If statement:
If(ThisItem.status.value = "Rejected","", Text(ThisItem.InvAmt, "$#,###.00")
