Updated: November 8, 2021
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Farm AccountingFarmers and ranchers have to do a lot of accounting.Without math, they would never know how well they have done in their business dealings.They have to be able to calculate their production and their profit or loss.These problems will test you accounting skills.
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| 1. DAIRY PRODUCTION |
| Your dairy herd last year produced 771,876 pounds of milk.You have 65 cows. A gallon of milk weighs 8.6 pounds. How many gallons did you average per cow? _________________ |
| 2. WHEAT PRODUCTION |
| A. Your load of wheat weighed 22,310 pounds. There are 60 pounds to a bushel. How many bushels did you have that trip? _______________ |
| B. You farm 640 acres of wheat. It averaged 45 bushels to an acre. How many pounds of wheat were raised? _______________ |
| 3. POTATO PRODUCTION |
| A. As a potato producer, you grew 13 million pounds of potatoes. It costs you 3 cents/pound to produce them. You sold them for 4.5 cents/pound.How much money did you make?_______________ |
| B. The year before, the potatoes cost you 3 cents to raise and sold for 2.5 cents per pound. How much did you lose? _______________ |
| 4. SUGAR BEAT PRODUCTION |
| A. You have 30 acres you are going to plant in sugar beets. If you average 23 bushels per acre and sell the sugar beets for $36 per bushel, how much income will you have?_______________ |
| B. If you raise 30 bushels per acre and sell them for $20 per bushel, how much income will you have? _______________ |
| C. If it costs $700 per acre to grow the sugar beets, how much profit will you have from problem A? _______________ |
| D. How much money did you make/lose in year B? _______________ |
| 5. CATTLE PRODUCTION |
| A. You keep 400 cows. You’ve just sold 50 cows averaging 1080 pounds. You needed $495 per cow to meet your expenses. The market price today was 43 cents a pound. How did you do? _______________ |
| B. How much is each cow worth? ________________ |
| C. What was your profit/loss on the sale? _______________ |
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Answers: |
| 1) DAIRY PRODUCTION |
| 1380.81 gallons |
| 2) WHEAT PRODUCTION |
| A. 371.83 bushels |
| B. 1,728,000 pounds |
| 3) POTATO PRODUCTION |
| A. 195, 000 dollars |
| B. 65, 000 dollars |
| 4) SUGAR BEET PRODUCTION |
| A. 24, 840 dollars |
| B. 18, 000 dollars |
| C. 3, 840 dollars |
| D. -3, 000 dollars |
| 5) CATTLE PRODUCTION |
| A. lost money |
| B. 464.4 dollars |
| C. 30.60 dollars per cow or 1, 530 dollars all together |
Updated: November 8, 2021
