Peerless Manufacturing makes insulated windows for residential homes. A contractor places an order for 16 windows from Peerless on November 1, with a requested delivery date of November 30. The contractor pays half the cost of the windows at the time he places the order, with the other half due upon delivery. Under the revenue recognition principle, what is the performance obligation in this scenario and when should revenue for this obligation be recognized? Select answer from the options below The performance obligation is the contractor's request for 16 windows by November 30. Revenue should be recognized when the windows are ordered. The performance obligation is Peerless' agreement to produce 16 windows by November 30. Revenue should be recognized partially with the initial payment and partially with the final payment. The performance obligation is Peerless' agreement to produce 16 windows by November 30. Revenue should be recognized when the windows are delivered. The performance obligation is the contractor's request for 16 windows by November 30. Revenue should be recognized equally during the month as the windows are produced