How to order by with group by in mysql

One way to do this is with a bunch of while loops and hitting the DB over and over, or selecting a crap load of data and just dropping out everything but the most recent inventory count manually. Both of these are viable solutions with a lot of overhead, but what I really want is just a silver bullet SQL statement that does this for me. I think I have it.

What I initially envisioned was:

SELECT *
FROM INVENTORY
ORDER BY vendors_no,
timestamp DESC
GROUP BY vendors_no,
product_no