This question is rather confusing, but I believe youre supposed to look at it as a 4-step process and complete each step to get to the 4th part answer. I keep messing it up though. Hopefully it is visible!

Part 1. Create a whole farm budget using the data below. Assume the farm will grow 500 acres of corn and finish 2,000 head of feeder lambs each year.

Part 2. Multiply the values above by number of units of each enterprise to be carried out.

Part 3. Summarize for the whole farm

Projected gross revenue (from step 2) $_____________

Other farm income 13,000

Total gross income $_____________

Projected variable costs (from step 2) $_____________

Fixed cash expenses $150,000

Depreciation 38,000

Total expenses $_____________

Projected net farm income $_____________

Minus opportunity costs

Labor: 20 months @ $2,500 $50,000

Equity capital: $300,000 @ 5% $15,000

Equal profit and return to management $_____________

PART 4: Estimate labor needs:

Estimate labor needs: _______ hr. corn + _______ hr. lambs + 500 hr. general = ________ hr.

6. Create a whole farm budget using the data below. Assume the farm will grow 500 acres of corn and finish 2,000 head of feeder lambs each year 1. Develop Enterprise budgets Corn (1 acre) Viclle Price Variable Costs 160 bu. $5.20 $450 3 hr. Finish Feeder Lambs (1 head) Weight Sale Price Variable Costs$90 125 lb. $1.30 Labor Labor 1.0 hr Corn (for feed) 5 bu. 6. Create a whole farm budget using the data below. Assume the farm will grow 500 acres of corn and finish 2,000 head of feeder lambs each year 1. Develop Enterprise budgets Corn (1 acre) Viclle Price Variable Costs 160 bu. $5.20 $450 3 hr. Finish Feeder Lambs (1 head) Weight Sale Price Variable Costs$90 125 lb. $1.30 Labor Labor 1.0 hr Corn (for feed) 5 bu