Step 1: Concept
Perimeter of a rectangle = $2(\text{length} + \text{breadth})$. Both length and breadth are needed.
Step 2: Analysis of Statement I
$L = 8$ cm. Breadth is unknown. Not sufficient.
Step 3: Analysis of Statement II
$\text{Area} = L \times B = 32~cm^2$. Neither $L$ nor $B$ is known individually. Not sufficient.
Step 4: Combined Analysis
From I, $L = 8$. From II, $8 \times B = 32 \Rightarrow B = 4$.
Perimeter = $2(8 + 4) = 24$ cm.
Both statements together are sufficient.
Step 5: Conclusion
Correct answer is (3).
Final Answer: (3)