Williams Sons last year reported sales of $31 million, cost of goods sold (COGS) of $24 and an inventory turnover ratio of 4. The company is now...

Williams & Sons last year reported sales of $31 million, cost of goods sold (COGS) of $24 and an inventory turnover ratio of 4. The company is now adopting a new inventory system. If the new system is able to reduce the firm's inventory level and increase the firm's inventory turnover ratio to 8 while maintaining the same level of sales and COGS, how much cash will be freed up? Do not round intermediate calculations. Round your answer to the nearest dollar.