Which of the following describes the timing of when revenue is recognized? In the period in which the related expenses are paid In the period in which the performance obligation is satisfied In the period in which the costs associated with earning the revenue are incurred and payment is received for goods sold or work performed In the period in which payment is received for goods sold or work performed Financial information is presented below: Operating expenses $ 22000 Sales returns and allowances 7000 Sales discounts 5000 Sales revenue 152000 Cost of goods sold 92000 Gross profit would be $ 53000 $ 55000. $ 60000 $ 48000