Squirt a small amount of acrylic paint onto plastic lid and mix with water to thin.
Turn tray upside down and practice painting on the bottom. Keep testing until you have a stain-like thickness (you want the paint solution to be transparent so that you can see the grain of the wood thru the paint mixture; add more water if necessary.)
Turn tray right side up and paint all surfaces; set aside to dry.
Peel backing off of vinyl lettering and center on the tray. Rub with credit card or popsicle stick until lettering has adhered; removing paper sheet.
Cover entire surface with Mod Podge™ and allow to dry before using.