Cortez Company is planning to introduce a new product that will sell for $96 per unit. The following manufacturing cost estimates have been made on 20,000 units to be produced the first year. Manufacturing overhead costs have not yet been estimated for the new product, but monthly data on total production and overhead 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. Required: a. What percentage of the varlation in overhead costs is explained by the independent varlable? 92.10%45.00%84.80%8.48%Noneoftheabove b. What is the total overhead cost for an estimated actlvity level of 50,000 direct labor-hours? $370,000$120,000$250,000$320,000Noneoftheabove c. How much is the varlable manufacturing cost per unit, using the varlable overhead estimated by the regression (assuming that direct materlals and direct labor are varlable costs)? $88.00$82.00$86.80$72.00Noneoftheabove a. 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 fixed.) $96.00$24.00$56.00$14.00 None of the above e. What is the manufacturing cost equation Implied by these results? Total cost =$640,000+($5.00 Number of units ). Total cost =$120,000+($86.80 Number of units ). Total cost =$120,000+($72.00 Number of units ). None of the above