This is how I was taught in an estimating class I just recently took..
length x width x thickness then divide this by 27 x 12, then we were tought round up to the next 1/4 ton... we were also taught to add 1/2 ton
So an example would be say you had a foundation that was 10' by 10' by 4" thick
Take 10 x 10 x 4 = 400
Take 400 divide this by 27 then divide that by 12 = 1.2345 cubic yards
bumped up would be 1.25 cubic yards.. Then we were also taught to add 1/2 ton for waste, but this seems a little excessive..