42. Below are statements regarding economic order quantity (EOQ) model for inventory management:1. EOQ model may be used for goods that are sold in relatively constant amounts throughout the year. A more complicated model is needed for firms whose sales fluctuate in response to seasonal or other cyclical factors. II. Costs associated with shortages, delavs or lost sales are not considered in EOQ Model. These costs are considered in the determination of safety level in the reorder-point subsystem.III. The safety stock level is the minimum level of inventory that the firm wishes to hold as a protection against running out. Since the firm must always be above this level, the EOQ formula need not consider the costs of maintaining the safety stock level Which of the following statements is/are correct? O a. Statement I only O b. Statement I and II only O c. Statement III only O d. All statements are correct