The Athena Corporation uses the retail method of inventory. The following data are available for the year ended December 31, 20x9: Cost Retail Inventory, January 1, 2px9 $500,000 $1,250,000 Additional markups 30,000 Markup cancellations 18,000 Markdowns 120,000 Markdown cancellations 36,000 Purchases 1,980,000 5,450,000 Purchase returns 80,000 180,000 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