At Kenneth's company, two types of candles are created from the common melting and molding process: pillar candles and votive candles (eight votives per pack; one pack is one unit). The costs of the joint process total $61,200. The votive candles are sold directly after production, but the pillar candles are further etched and designed to increase their value. The quantities, costs, and values of these products as produced and sold are as follows. Pillar Candles Votive Candles Etched, Decorated Pillar Candles Production units at split-off 20,000 10,000 Units sold at split-off 8,000 Further processing cost Production units after further processing Units sold after further processing Sales price per unit $11,000 20,000 18,000 $4 $2.04 $6 (a) Using the physical quantities method, allocate the joint costs to the joint products and prepare (1) a partial income statement through gross margin and (2) the inventory section of the balance sheet. (Note: Use fractions instead of decimals when specifying proportions under this method.) (Round proportion and per unit calculations to 2 decimal places, e.g. 0.25 and final answers to O decimal places, e.g. 5,125. Do not leave any answer field blank. Enter O for amounts.) (1) A partial income statement through gross margin Kenneth Company Partial Income Statement