Step 1: Recall hormonal sequence of the menstrual cycle.
FSH is secreted early in the cycle, stimulating follicular growth. Follicle maturation leads to increased estrogen, which triggers a sharp rise in LH (LH surge). This surge induces ovulation. After ovulation, the corpus luteum forms.
Step 2: Arrange the given steps.
I → Secretion of FSH (begins follicular phase)
III → Follicular growth and oogenesis
V → LH surge (sudden rise)
IV → Ovulation occurs after LH surge
II → Corpus luteum forms after ovulation
Step 3: Conclusion.
Thus, the correct order is I, III, V, IV, II, matching option (C).