Which one of the following is the correct sequence of various stages of operating cycle of a manufacturing company? 

1. Raw material conversion period, work-in-progress conversion period, Finished goods conversion period, Receivables conversion period

2. Raw material conversion period, work-in-progress conversion period, Creditors payment period, Receivables conversion period

3. Creditor payment period. Raw material conversion period, Receivables conversion period, work-in- progress conversion period

4. Raw material conversion period, Finished goods conversion period, work-in- progress conversion period. Receivables conversion period