Choice "D" is correct. By definition a purchase money security interest in inventory can only occur in one of two ways: (i) the creditor sells inventory to the debtor on credit and retains a security interest for the purchase price or (ii) the creditor lends money to the debtor so that the debtor can purchase the inventory. In either case filing is the only way to perfect when the debtor has possession of the inventory. If the debtor has possession of the inventory (which is almost always the case) the creditor cannot perfect by possession or control. In addition, the creditor cannot be automatically perfected with a purchase money security interest in inventory. Only a purchase money security interest in consumer goods is automatically perfected without the creditor's either possessing/controlling the consumer goods or filing a financing statement with respect to the consumer goods. Thus, the only way to perfect a purchase money security interest in inventory is to file a financing statement.
Choices "b" and "c" are incorrect. With stocks, bonds and negotiable instruments (like promissory notes), the creditor can only perfect by possession or control.
Choice "a" is incorrect because personal jewelry is consumer goods collateral, and a purchase money security interest in consumer goods can be automatically perfected without the creditor's either possessing/controlling the consumer goods or filing a financing statement with respect to the consumer goods