The Akram Corporation uses the retail method of inventory. The following data are available for the year ended December 31, 20x9:

	Cost	Retail
Inventory, January 1, 20x9	$600,000	$1,350,000
Additional markups		30,000
Markup cancellations		18,000
Markdowns		120,000
Markdown cancellations		36,000
Purchases	1,890,000	4,450,000
Purchase returns	86,000	190,000
Freight-in	34,000	-
Sales		4,860,000
Sales returns		160,000
Employee discounts		4,800

Required

Calculate the cost of the inventory at December 31, 20x9.