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The purpose of this study is to discuss how cost accounting is applied to the farming process. Specifically, this study evaluates and defines costs incurred within the farming industry where products are produced and sold after being generated from raw materials. Successful farmers must know the costs of raw materials acquired to produce cash corps.
While there are many types of crops farmed in southwest Michigan, this study specializes in cash crops, specifically corn and soybean production. Cost accounting methods applicable to the farming industry are introduced, discussed and applied in this study. A spreadsheet is presented which displays typical costs incurred by farmers. While each farming operation is unique, to become profitable, farmers should breakdown costs, expenses , and revenues for each field farmed. The intended audience for this thesis is assumed to have limited accounting and farming knowledge.
Fisher, Toni, "Cost Accounting Applied to Farming in Southwest Michigan" (2012). Honors Theses. 2320.
Honors Thesis-Open Access