Combine list of words into one line, then add characters

I want to take a file that has a list of words on each line of its own eg. act bat cat dog eel and put them into one line with comma separated and quoting them. So that it turns out like: 'act', 'bat', 'cat', 'dog', 'eel', so, a single quote, then the word, then another single quote, then a comma, then a space. Then output to a new file with a new name.