Q2. Develop an enterprise budget for soybean production from the following jumbled list of receipts and expenses. Use the typical format shown below and answer the questions below. (30 points) Item Value or cost per acre seed $55 repairs $27 expected yield 47 bu. land costs $125 fertilizer cost $54 fuel & oil $10 sale price $10.25 per bu. labor costs $25 misc. fixed costs $22 chemical cost $25 misc. operating costs $14 harvesting and hauling costs $16 machinery ownership costs $40 taxes and insurance $7.50 interest on variable costs 5% (convert for 6 months) govt. program participation payments $10 crop insurance $12 Revenue Variable Costs Total variable costs Income above variable costs Fixed Costs Total fixed costs Total costs Net Return 1. With an estimated yield of 47 bu, per acre, what is the breakeven selling price? 2. If the selling price was only $8.25 per bu.. what per acre yield would be necessary to breakeven? 3. According to the budget above, what is the cost of production per bu.? 4. If the expected yield was only 35 bu. per acre, what selling price would be required to just break-even on the operation? 5. If you already invested in the land and machinery, how low must the price of soybeans fall before you should stop production