Step 1: Recall the typical composition of cow's milk.
Milk is an emulsion of fat in an aqueous solution containing proteins, lactose, and minerals.
Step 2: Match each constituent with its approximate percentage.
A. Water: Milk is mostly water. The typical percentage is around 87%. So, A matches III.
B. Protein: The protein content of milk is relatively low, typically around 3.3%. So, B matches IV.
C. Lactose: Lactose is the sugar in milk, with a typical percentage of about 4.8% to 5.0%. So, C matches I.
D. Total solids: This is everything that is not water (fat, protein, lactose, minerals). The typical value is around 12-13%. So, D matches II.
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Step 3: Combine the matches and select the correct option.
The correct matching is A - III, B - IV, C - I, D - II. This corresponds to option (4).