1) During the year, Newark Boat Yard has incurred manufacturing costs of $250,000 in building three large sailboats. At year-end, each boat is about 60 percent complete. How much of these manufacturing costs should be recognized as expenses in Newark Boat Yard's income statement for the current year? Explain 2) Assume Gamm's, a retail establishment, wants to capture a 20 percent share of its local evening gown market. In order to capture that share, it has determined that the average selling price of an evening gown should be no more than $520. Gamm's currently requires a 30 percent markup on all clothing lines. If it wishes to maintain that markup percentage, what is its average target cost for an evening gown