Three statements are given followed by three conclusions numbered I, II and III.
Assuming the statements to be true, even if they seem to be at variance with commonly known facts, decide which of the conclusions logically follow(s) from the statements.

Statements:
All beards are nails.
Some nails are rings.
All rings are pendants.

Conclusions:
I. All rings can never be nails.
II. Some beards are rings.
III. Some nails are pendants.