Billingsly Products uses the conventional retail method to estimate its ending inventories. The following data has been summarized for the year 2013: 
Required:
Estimate the ending inventory as of December 31, 2013.
Definitions:
Organizational Buyers
Those who make purchasing decisions on behalf of a company or organization, often including considerations like bulk buying, contractual negotiations, and supplier relationships.
Nondurable Good
Products that are consumed or are only usable for a short period before they are depleted or become unusable.
Product Development
The comprehensive process of bringing a new product or service to market, from idea generation to commercialization.
Nondurable Good
A product that is consumed or has a lifespan significantly shorter than three years, such as food products, fuel, or cleaning supplies.
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