Forecast Methods Based on Judgment,opinion,past Experiences,or Best Guesses Are Known

question 94

Multiple Choice

Forecast methods based on judgment,opinion,past experiences,or best guesses are known as ___________ methods.

• A)quantitative
• B)qualitative
• C)time series
• D)regression

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Definitions:

Overapplied Overhead

Occurs when the allocated manufacturing overhead cost is greater than the actual overhead cost incurred.

Underapplied Overhead

Occurs when the allocated manufacturing overhead cost is less than the actual overhead costs incurred.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company. This includes the cost of the materials used in creating the good along with the direct labor costs used to produce the good.

Factory Labor Costs

Expenses related to employing workers in a manufacturing setting, including wages, benefits, and related taxes.