A job shop commenced its operations on January 1 of the current year. During the first quarter, the following transactions took place:
(i) Materials costing `4,00,000 were purchased on account.
(ii) Materials purchased were placed in process.
(iii) A total of 2,000 direct labour-hours were charged to individual jobs at the rate of `50 per hour.
(iv) The fixed manufacturing overhead totalled `1,60,000.
(v) The variable manufacturing overhead totalled `40,000.
(vi) Only job 10, with material charges of 40,000, direct labour charges of `20,000, and applied overhead rate, was in process at the end of the period.