BY-PRODUCTS Definition

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BY-PRODUCTS are incidental products resulting from the processing of another product.

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PURCHASE RETURNS is a contra purchase account that records all credits from returned inventory purchases.

WIP is an acronym for Work in Process/Progress. Usually refers to inventory that has value added from labor or additional processing. When considered for inventory value, the value of the raw material plus the value added component is accounted for in determining the value of that inventory at that point in the process.

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