A manufacturing business sells goods on credit (that is, the customer pays for the goods some time after they are received). Below are four points in the production/selling cycle at which revenue might be recognised by the business:

1. when the goods are produced;

2. when an order is received from the customer;

3. when the goods are delivered to, and accepted by, the customer;

4. when the cash is received from the customer.

A significant amount of time may elapse between these different points. At what point do you think the business should recognise revenue?