8 pts D Question 6 Iron Chair, Inc. manufactures chairs. The company budgets fixed overhead to be $25,000 for the month of August. The company applies overhead costs to jobs on the basis of direct labor hours. The company has the following direct labor standards: It expects each chair takes four hours to make, and the company anticipates making 800 chairs (direct labor workers are budgeted to work for 3,200 hours during the month). During December, the company produced 700 chairs and workers worked a total of 3,000 hours. Actual fixed overhead incurred for August was $23,500. Required: Compute the company's fixed manufacturing overhead spending and volume variances. The FMOH spending variance is $ and is (favorable/unfavorable) The FMOH volume variance is$ and is (favorable/unfavorable)