As said above a restocking fee most probably will apply
From Apple's website
http://store.apple.com/us/browse/open/salespolicies
For iPhone returns, you may return your undamaged iPhone with its included accessories within 14 days of purchase for a full refund. Heres the important part: returning your iPhone may not automatically cancel or reset your wireless account; you are responsible for your wireless service agreement and for any applicable fees associated with your wireless account. Please contact your provider for more information.