So I came across a beaver lying on the shore, and went to butcher it up because hey... Free Beaver.
I got two options, skin, and collect bones. I skinned it and it's texture changed to a 'skinned beaver' look. When I right clicked it the only option I got was 'collect bones'.
So on a random beaver on the shoreline I got the hide, and the bones.... There was no option to butcher it otherwise.