To answer this question, we need to understand the concept of COBOL II and the maximum size of a 01 level item.
In COBOL II, the maximum size of a 01 level item is determined by the maximum value that can be represented by a PIC X type. In this case, the PIC X type is used to represent alphanumeric characters.
The maximum size of a PIC X type is determined by the maximum value that can be represented by a binary number with all bits set to 1. In other words, it is determined by the maximum value that can be represented by an 8-bit binary number.
An 8-bit binary number can represent values from 0 to 2^8 - 1, which is 255. However, since COBOL uses a packed decimal format to store alphanumeric characters, each character takes up half a byte or 4 bits. Therefore, the maximum size of a PIC X type in COBOL II is 255/2, which is 127.
Since none of the options provided match the correct answer, it seems that there may be an error in the options. However, based on the information provided, none of the options can be considered correct.