Read the given statements and conclusions carefully. Assuming that the information given in the statements is true, even if it appears to be at variance with commonly known facts, decide which of the given conclusions logically follow(s) from the statements.

Statements:
All cards are boxes.
All boxes are torches.
All torches are shoes.
Conclusions:

I. All shoes are torches.
II. All torches are boxes.
III. All boxes are cards.
IV. All cards are shoes.