As a person who knows the value of livestock, yes, yes I do think it is acceptable. I'd say give the animal one more chance. Contact the owners and if they do not put the dog up properly, then call the pound.
When that fails (as it often does), then shoot, trap or "whatever" the dog to keep your livestock safe. My family and their bellies are worth far more than a stray or ill kept pet.
If people worry about their dogs getting shot, maybe they need to ensure the animal is properly contained.
A farmer has the right to protect his or her property and the welfare of their families.