The correct order is:
5: formation of bone collar around hyaline cartilage model
2: cavitation of hyaline cartilage within the cartilage model
3: invasion of internal cavities by periosteal bud and spongy bone formation
1: formation of medullary cavity and appearance of secondary ossification centers
4: ossification of epiphyses; hyaline cartilage remains at epiphyseal plates and articular cartilages