Identify the seven steps involved in forecasting
What will be an ideal response?
1. Determine the use of the forecast.
2. Select the items to be forecasted.
3. Determine the time horizon of the forecast.
4. Select the forecasting model(s).
5. Gather the data needed to make the forecast.
6. Make the forecast.
7. Validate and implement the results.
You might also like to view...
What are the three categories of processing control?
On its website, Acme Global published a statement of what it expects to become as an organization in 10 years. It does not say how Acme Global will achieve this future state. This is a ______ statement.
A. mission B. strategy C. vision D. culture
Accounts receivable usually are factored
a. with recourse on a notification basis. b. with recourse on a no-notification basis. c. without recourse on a notification basis. d. without recourse on a no-notification basis.
Mocha Company manufactures a single product by a continuous process, involving three production departments. The records indicate that direct materials, direct labor, and applied factory overhead for Department 1 were $100,000, $125,000, and $150,000, respectively. Work in process at the beginning of the period for Department 1 was $75,000, and work in process at the end of the period totaled
$60,000. The records indicate that direct materials, direct labor, and applied factory overhead for Department 2 were $50,000, $60,000, and $70,000, respectively. In addition, work in process at the beginning of the period for Department 2 totaled $75,000, and work in process at the end of the period totaled $60,000. The journal entry to record the flow of costs into Department 3 during the period is: A) Work in Process--Department 3 585,000Work in Process--Department 2 585,000 B) Work in Process--Department 3 570,000Work in Process--Department 2 570,000 C) Work in Process--Department 3 555,000Work in Process--Department 2 555,000 D) Work in Process--Department 3 165,000Work in Process--Department 2 165,000