Are these competitive markets?

a. in a small town, there are two providers of broadband internet access: a cable company and the phone company. the internet access offered by both providers is of the same speed.

b. several stores in the mall sell hooded sweatshirts. each store's sweatshirts reflect the style of that particular store. additionally, some stores use higher-quality cotton than others, which is reflected in the apparel's prices.

c. scholastik inc. owns the u. s. copyright to a popular book series. it is the only company with the legal right to publish books in the series in the united states.

d. dozens of companies produce plain white socks. consumers regard plain white socks as identical and don't care who manufactures their socks.

The law firm of furlan and benson accumulates costs associated with individual cases, using a job order cost system. the following transactions occurred during july: jul. 3 charged 175 hours of professional (lawyer) time to the obsidian co. breech of contract suit to prepare for the trial, at a rate of $150 per hour. 10 reimbursed travel costs to employees for depositions related to the obsidian case, $12,500. 14 charged 260 hours of professional time for the obsidian trial at a rate of $185 per hour. 18 received invoice from consultants wadsley and harden for $30,000 for expert testimony related to the obsidian trial. 27 applied office overhead at a rate of $62 per professional hour charged to the obsidian case. 31 paid administrative and support salaries of $28,500 for the month. 31 used office supplies for the month, $4,000. 31 paid professional salaries of $74,350 for the month. 31 billed obsidian $172,500 for successful defense of the case. required: a. provide the journal entries for each of these transactions. refer to the chart of accounts for exact wording of account titles. b. how much office overhead is over- or underapplied? c. determine the gross profit on the obsidian case, assuming that over- or underapplied office overhead is closed monthly to cost of services.