Consider the following statements:
1. ABC analysis is based on Pareto’s principle.
2. FIFO and LIFO policies can be used for material valuation in materials management.
3. Simulation can be used for inventory control.
4. EOQ (Economic Order Quantity) formula ignores variations in demand pattern.
Which of these statements is/are correct?
(a) 1 only (b) 1 and 3
(c) 2,3 and 4 (d) 1,2,3 and 4