Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2018: 
Required:
Estimate the ending inventory as of December 31, 2018.
Definitions:
Scope Of Work
A detailed document that outlines the objectives, deliverables, and specific tasks required to complete a project.
Vendors And Suppliers
External organizations or individuals that provide goods or services needed for a business to operate or for a project to be completed.
Providers
Entities or individuals that supply services or goods to others, often within a professional or commercial context.
Commodities
Economic goods or products before they are processed and/or given a brand name, such as grain, cotton, or raw minerals.
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