Cortez Company is planning to introduce a new product that will sell for $105 per unit. The following manufacturing cost estimates have been made on 20,000 units to be produced the first yes Direct waterials Direct labor $700, 560,00 - $14 per hour 40,000 hours) Manufacturing overhead costs have not yet been estimated for the new product, but monthly dets on total production and overness costs for the past 24 months have been analyzed using simple linear regression. The following results were derived from the simple regression and provide the basis for overhead cost estimates for the new product Simple Regression Analysis Results Dependent variable Factory overhead costs Independent variable-Direct labor-hours Computed values Intercept $130,00 Coefficient on independent variable Coefficient of correlation Required: a. What percentage of the variation in overeed costs is explained by the independent variable: O 83.20% 09150% 099.80% O 74.90% O None of the above b. Winst is the total overhead cost for an estimated activity level of 60,000 direct Isbor-hours O $370,000 O $390,000 O $360.000 O $390,000 O None of the above c. How much is the variable manufacturing cost per unit using the variable overhesd estimated by the regression (assuming that direct materials and direct laborare variable costs O $7.00 O$78.00 O $65.00 O $64.00 None of the above d. What is the expected contribution margin per unit to be earned during the first year on 20.000 units of the new product? Assume that all marketing and administrative costs are fired) O $34.00 O $3700 $41.00 O $31.00 O None of the above e. What is the manufscturing cost equation Impiled by these results? Total cost - $560.000 - $4.00 - Number of units) Total cost - $130,000 - $105.00 x Number of units) Total cost - $130,000 - $14.00 x Number of units) O None of the above