During the conduct of your audit of the cash in bank account of ABC Company, you were able to obtain the following information:

• The bank statement on October 31, 2020 showed a balance of P1,836,000.

• Among the bank credits in October was customer's note for P600,000 collected for the account of the company which the company recognized in November among its receipts.

• Included in the bank debits for the month of October were cost of service charges amounting to P7,200 and a P240,000 check which was charged by the bank in error against ABC account.

• You also ascertained that there were deposits in transit amounting to P480,000 and outstanding checks totaling P1,020,000 by the end of October.

• The bank statement for the month of November showed total credits of P2,496,000 and total charges of P1,224,000.

• The company's books for November showed total debits of P4,818,600, total credits of P2,443,200 and a balance of P2,913,600.

• Bank debit memos for November were: No. 346 for service charges, P9,600 and No. 347 on a customer's returned check marked "Refer to Drawer" for P144,000.

• On November 30, 2020, the company placed with the bank a customer's promissory note with a face value of P720,000 for collection. The company treated this note as part of its receipts although the bank was able to collect on the note only in December 2020.

• A disbursement check of P45,000 was recorded by the company as P450,000 in the month of October. This error was corrected in the books in November.

• Another check for P23,760 was recorded in the company cash payments books in November as P237,600.

How much is the deposit in transit as of November 30, 2020?