Mitch Manufacturing Company uses the perpetual inventory system and plans to use raw materials costing \(\$ 1,200,000\) in manufacturing its products. Mitch will operate its factory 300 days during the year. Currently, Mitch follows the just-in-case philosophy with its raw materials inventory, keeping raw materials costing \(\$ 12,000\) in its raw materials inventory. Mitch 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 Mitch implements the just-in-time manufacturing philosophy in its factory.