The prepayment must be for the purchase of feed, not just a deposit. The prepayment must be for a business purpose, not just to reduce tax liability. The deduction resulting from the prepayment must not materially distort income. Rent or lease payments for equipment and buildings are deductible farm expenses.
Work in process, work in progress, (WIP) goods in process, or in-process inventory are a company's partially finished goods waiting for completion and eventual sale or the value of these items. These items are either just being fabricated or waiting for further processing in a queue or a buffer storage.
A work package is a portion of the work breakdown structur e that allows project management to define the steps necessary for completion of the work package. A work package can be thought of as a mini project, that when combined with other work package units, form the completed project.