Please help me fill in the table and answer the questions!

Price or Cost Per Unit Quantity Value or Cost Your Figures $3.25 100 $325.00 20 100 40 60 $265 0.45 0.25 05 8 30 85 6.4 1 8% 1. GROSS RECEIPTS CORN (bu) 2. VARIABLE COSTS Preharvest Seed (thousands) Fertilizer (N) (lbs) Phosphate Potash Fertilizer application (acre) Weed Control (acre) Machinery (acre) Tractors (acre) Labor (acre) Interest on V.C(for 6 months) Subtotal Harvest Costs Custom combine (acre) Custom haul (acre) Subtotal Total Variable Cost 3. INCOME ABOVE VARIABLE COST 4. FIXED COSTS J. Machinery (acre) Tractors (acre) Land (acre) Total Fixed Costs S: TOTAL COSTS 16. NET RETURNS 53.00 45.00 10.00 30.00 8.00 30.00 8.50 6.40 10.00 58.04 S208.94 1 10 S100.45 20 0.18 100 20 18 $38.00 S246.94 S78.06 82 16 45 8.2 16 45 S69.20 $316.14 $8.86 Homework 4. Enterprise Budget 105 Rather than developing an enterprise budget from scratch, it is often easier to begin with one developed by your State Cooperative Extension Service or some other source and modify it to fit your individual situation. Assume you are currently farming and have been given the opportunity to rent an adjoining 300 acres where you would grow only com. You would like to know if it would be profitable to rent this land. To help with your decision, you have acquired the attached enterprise budget for com but feel you must make the following changes for the budget to fit your situation Use the right-hand column to calculate your modified corn enterprise budget. (If no change, use budget value.) 1. Com price is expected to be $3.50 per bu, but you expect 95 bu per acre. (Note yield change affects hauling costs. 2. Seed price is now $2.50 per thousand. 3. You can now buy Nitrogen fertilizer for 50.40 per pound Application cost is the same. 4. Weed control is now $35 per acre. 5. Tractor & machinery variable costs should be 20% higher than budget values. 6. You would like to make $12.00 per hour for your labor and your big machinery should Teduce labor needs to 8 hours per acre. 17. Opportunity cost of your capital is 5%. 8. Machinery and tractor fixed costs should be only 85% of budget values. 9. You can rent the land for 540.00 per acre. 10. Custom combine now costs $22.50 per acre. QUESTIONS 1. Would you rent the land for $40.00 per acre? Why 2. If the price of com turns out to be $3.50 per bu, what kield would be necessary to just cover all costs including your labor costs (Ignore the change in hauling cost) 3. What is the maximum cash rent you could pay for this land e. What cash rent would just make this a breakeven deal, 1. e. no profit? 4. If you would be willing to receive only $8.00 per hour for your labor, what is the maximum cash rent you could pay and eam the 58.00 per hour