Table 8.  Livestock Enterprise, cost and returns for a 30 acre farm with livestoc
          as the primary enterprise, with above average management, De Baca
          County, 2001.
 
=================================================================================
 
GROSS RETURNS                                   Sale           GuidelineGuideline
                                                Weight    Total  Value    Value
 NUMBER                                 $/CWT    (CWT)      ($) ($/Cow)  ($/AU)
---------------------------------------------------------------------------------
       0    YEARLING HEIFERS          $85.00     4.85       $0    $0.00    $0.00
       0    YEARLING STEERS            92.00     5.25        0     0.00    $0.00
      12    HEIFER CALVES             104.00     4.20    5,242   174.72  $141.57
      15    STEER CALVES              112.00     4.70    7,896   263.20  $213.26
       0    BULLS                      42.00    14.75        0     0.00    $0.00
       3    CULL COWS                  38.00     8.85    1,009    33.63   $27.25
     429    MANURE                      0.13     8.00      429    14.31   $11.59
 
 
                    TOTAL                              $14,576  $485.86  $393.67
---------------------------------------------------------------------------------
 
                                                               GuidelineGuideline
                                                                 Value    Value
 NUMBER  PURCHASED INPUTS             Unit    $/Unit      Total ($/Cow)  ($/AU)
 ------  --------- ------            ------   ------    ------ ------------------
           FORAGE:
      10 ALFALFA                       AUM     $10.00     $100    $3.33    $2.70
     200 PERMANENT PASTURE             AUM     $12.00   $2,400   $80.00   $64.82
                                                       _______  ________ ________
                      SUBTOTAL                          $2,500      $83      $68
 
 
 
 
 
         LABOR, FEED, LIVESTOCK:      Unit    $/Unit      Total ($/Cow)  ($/AU)
         -----  ----  ----------     ------   ------    ------ ------------------
       1    PROTEIN SUPPLEMENT         TON        275      165    $5.50    $4.46
       0    SALT & MINERALS            TON        210       50     1.68     1.36
      94    HAY                        TON        115   10,778   359.26   291.10
       0    GRAIN                      TON        200        0     0.00     0.00
       0    GRAIN CUBES                TON        200        0     0.00     0.00
            FUEL AND REPAIRS         ANNUAL                  0     0.00     0.00
            VETERINARY AND MEDICINE  ANNUAL                875    29.15    23.62
       0    BULLS PURCHASED          HEAD        1500        0     0.00     0.00
            LIVESTOCK TAXES          ANNUAL                  6     0.19     0.16
            MAINTENANCE              ANNUAL                  0     0.00     0.00
      33    PREGNANCY TEST           HEAD           2       66     2.00     1.78
      47    LABOR                    HOUR           5      237     7.90     6.40
      29    BEEF CHECKOFF PROGRAM    HEAD           1       29     0.97     0.79
            MISCELLANEOUS            ANNUAL                  0     0.00     0.00
                                                        ______  ________ ________
                      SUBTOTAL                         $12,206  $406.65  $329.66
 
         OVERHEAD EXPENSES
         -------- --------
            EMPLOYEE BENEFITS                                0    $0.00    $0.00
            INSURANCE                                        0    $0.00    $0.00
            DEPRECIATION                                   523   $17.42   $14.11
            SUPERVISION AND MANAGEMENT                      87    $2.91    $2.36
            OTHER EXPENSES                                 796   $26.54   $21.51
                                                       ________ ________ ________
                      SUBTOTAL                          $1,406   $46.87   $37.98
 
         TOTAL OPERATING EXPENSES                      $16,112  $537.05  $435.16
                                                       ________ ________ ________
         NET OPERATING PROFIT                          ($1,536) ($51.19) ($41.48)
 
         CAPITAL COST
            INTEREST ON OPERATING CAPITAL                 $643      $21      $17
            INTEREST ON MACHINERY AND IMPROVEMENTS        $821      $27      $22
            INTEREST ON LIVESTOCK                           $0       $0       $0
 
                      TOTAL CAPITAL COST                $1,465      $49      $40
 
         RETURN TO RISK                                ($3,000)   ($100)    ($81)
 
         RATE OF RETURN ON INVESTMENT                  -4.5743%
 
         ------------------------------------------------------------------------
                                                      BUDGET SUMMARY
 
         GROSS RETURN                                           $14,576
            VARIABLE OPERATING EXPENSES                $14,706
         RETURN OVER VARIABLE EXPENSES                            ($130)
            FIXED EXPENSES                              $1,319
         NET FARM INCOME                                        ($1,448)
            LABOR AND MANAGEMENT COST                      $87
         NET OPERATING PROFIT                                   ($1,536)
            CAPITAL COST                                $1,465
         RETURN TO LAND AND RISK                                ($3,000)
         ---------------------------------------------------------------