Farmers do a great job mastering many aspects of their farm business. They know their equipment, their land, crops and cattle, they use technology from using mobile phones for informed crop decisions to precision farming, and they have figured out various extension programmes and subsidies. However, many are not certain about their cost of production and whether they are getting the right price for their produce. Farmers, after all, are passionate about farming, not necessarily about accounting and budgeting. In this unit, you will gain:
- Appreciation of why costing is important for farmers
- Understanding of various types of farm costs
- Understand and apply simple tools to estimate production
- Understand and apply simple tools to allocate costs to each produce.