1. Daring Watercraft manufactures small boats. The boats go through three steps: fabrication, assembly and painting. Materials are added at the beginning of the fabrication process and conversion costs are incurred evenly throughout each of the processes. Data for April for the painting departments follows: Production Data Units 1,000 Percent Complete 60% Units in process, April 1 Units transferred from assembly 4,000 Units in process, April 30 1,500 20% Cost Data Work in process, April 1: Costs from assembly Labor Manufacturing overhead $25,500 3,000 6,000 Costs added: Costs from assembly Labor Manufacturing overhead $90,000 11,980 18,900 Required: a) Using the FIFO method, prepare a cost of production report for the company showing cost of goods completed in the painting department and cost of ending work in process for painting. b) Prepare the journal entries for April for goods transferred from assembly, for labor incurred and overhead applied, and for goods completed in the painting department