Female to accept ring as last product (4)
I believe the answer is:
shoe
'last product' is the definition.
(I've seen this before)
'female to accept ring' is the wordplay.
'female' becomes 'she' (I've seen this before).
'to accept' indicates putting letters inside.
'ring' becomes 'o' (letter resembling a ring).
'she' enclosing 'o' is 'SHOE'.
'as' acts as a link.
(Other definitions for shoe that I've seen before include "Brogue or loafer, perhaps" , "Trainer maybe" , "Loafer, say" , "Case from which playing cards are delt one at a time" , "Where a dealer stashes a pack" .)