The owner of the Chocolate Outlet Store wants to forecast chocolate demand.

Demand for the preceding four years is shown in the following table:

YEAR DEMAND (POUNDS)

1 68,800 2 71,000 3 75,500 4 71,200 Forecast demand for Year 5 using the following approaches: (1) a three-year moving average; (2) a three-year weighted moving average using .40 for Year 4, .20 for Year 3 and .40 for Year 2; (3) exponential smoothing with α = .30, and assuming the forecast for Period 1 = 68,000.