For the first set of transactions record the following assuming Lancer Company uses a perpetual inventory system. Write the journal entries necessary to do the following:  Assume beginning inventory was 175,000.

Sold items to Hokie Company for $25,000. Offered a 2% discount for cash payment. Chief company paid with a check on the spot. The items had an inventory book value of $18,000.
 
Made purchases on account totaling $100,000, terms were 2.5/10, n/30. Lancer Company records transactions assuming discount for fast payment. Lancer Company paid $1000 in freight charges which were not subject to a discount.
Made payment with a check on the above transaction in #2 after 20 days had passed...
 
Sold inventory with a book value cost of $2500 for $4000 offering free delivery on account. Lancer Company paid its delivery company $150 to deliver the order to the customer.
 
Sold inventory with a book value cost of $1000 for $1900 cash payment.
 
Buyer pays in full the above transaction #4.
 
Buyer returns a part of an order that was sold for $500, but cost Lancer Company $200, the inventory can be re-sold.
 
Ending Inventory count shows $252,250 still in inventory. Make adjusting/closing entry  necessary.
 
What are the year-end balances for cost of goods sold and inventory accounts?