Nevada Manufacturing Company uses the perpetual inventory system and plans to use raw material costing ($ 2,100,000)

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Nevada Manufacturing Company uses the perpetual inventory system and plans to use raw material costing \(\$ 2,100,000\) in making its products. Nevada will operate its factory 300 days during the year. Currently, Nevada follows the just-in-case philosophy with its raw materials inventory, keeping raw materials costing \(\$ 20,000\) in its raw materials inventory. Nevada plans to switch to the just-in-time manufacturing philosophy by keeping only the raw materials needed for the next two days of production. Calculate the new raw materials inventory level after Nevada implements the just-in-time manufacturing philosophy.

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