Balcom Enterprises is planning to introduce a new product that will sell for $150 a unit. Manufacturing cost estimates for 25,500 units for the first year of production are: Direct materials $1,530,000. Direct labor $969,000 (based on $19 per hour 51,000 hours). Although overhead has not be estimated for the new product, monthly data for Balcom's total production for the last two years has been analyzed using simple linear regression. The analysis results are as follows: Dependent variableFactory overhead costs Independent variableDirect labor hours Intercept$131,000 Coefficient on independent variable$6.00 Coefficient of correlation0.944 R20.836 Based on this information, what percentage of the variation in overhead costs is explained by the independent variable?