Identify whether Person JL is entitled to a refund on the OASDI taxes that are paid on wages in excess of the taxable wage and explain the manner in which Person JL receives a refund.

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Miguel Manufacturing Company uses a predetermined manufacturing overhead rate based on direct labor hours. At the beginning of 2023, they estimated total manufacturing overhead costs at $2,352,000, and they estimated total direct labor hours at 7,000. The administration and selling overheads are to be absorbed in each job cost at 15% of prime cost. Distribution cost should be added to each job according to quotes from outside carriage companies. The company wishes to quote for job # 222. Job stats are as follows: Direct materials cost Direct labour cost $173,250 $240,000 500 hours Direct labour hours Special Design Cost Distribution quote from haulage company Units of product produced $8,750 $21,700 400 cartons a) Compute Miguel's Manufacturing Company predetermined manufacturing overhead rate for 2023. b) How much manufacturing overhead was allocated to Job #222? c) Calculate the total cost & quotation price of Job #222, given that a margin of 25% is applied. d) How much was the…

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Chapter 3, Problem 8QR

To determine

Identify whether Person JL is entitled to a refund on the OASDI taxes that are paid on wages in excess of the taxable wage and explain the manner in which Person JL receives a refund.

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