Student 1 eats 1/2 + 1/3 + 1/4 + 1 = 1 and 13/12 or 2 and 1/12 pizzas
That leaves 1 and 11/12 pizzas remaining (or 23/12 or 115/60)
Student 2 eats 1/5 of 115/60
1/5 of 115/60 = 23/60 of a pizza eaten by student 2 (about 1/3 of a whole pizza)
That leaves 92/60 left for student 3, who eats 1/2
1/2 of 92/60 = 46/60 or 23/30 of a pizza (about 5/6 of a whole pizza)