We present a theoretical study of degenerate four-wave mixing in Kerr media when the effects of nonlinear refraction, pump depletion and linear absorption are included. The phase conjugate reflectivity and the transmissions of the probe and the pump beams are obtained simultaneously using a method that does not require the determination of the first integrals of the coupled nonlinear differential equations. It is therefore applicable to the study of many other related phenomena. Another advantage of using this method is that the effect of linear absorption can be incorporated in the theory in a straightforward manner.