Manitoba Manufacturing Inc. (MMI) has a loan from the Canadian National Bank to help finance its working capital. The terms of the loan are that the bank will lend MMI an amount up to 33% of its inventory balance and 50% of its accounts receivable. One of the loan covenants requires that MMI maintain a current ratio greater than 2. Information related to MMIs current assets and current liabilities is shown in the following table:

Based on the loan size requirement only of the loan covenant, what is the maximum amount of loan MMI could borrow in each year?

In thousands 2020 2019 Cash $116 $148 Accounts receivable 861 895 Inventory 1,993 1,534 Other current assets 225 261 Bank loan, current 360 181 Accounts payable 1,016 880 Other current liabilities 37 85 2020 2019 $ $ $ Maximum loan (in thousands)