Batcom Enterprises is planning to introduce a new product that will selt for $145 per unit. Manufacturing cost estimates for 25.000 units for the first year of production are: - Direct materials $1,500,000. - Direct labor $900,000 (based on $18 per hour =50,000 hours) Athough overhead has not been estimated for the new product, monthly dota for Balcom's total production for the last two years has been analyzed using simple linear regression. The analysis resuits are as follows Based on this information, what percentage of the variation in overhead costs is explained by the independent varlable? Based on this information, what percentage of the variation in overhead costs is explained by the independent variable? Muliple Choice 34% 83.4% 94.1k