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Answer (D) is correct . Inventory turnover is measured by dividing the cost of sales by average inventories. Cost of sales is used rather than sales because the cost of sales base eliminates any changes caused solely by sales price changes. Furthermore, using sales in the numerator is inconsistent with valuing inventories at cost in the denominator.

Answer (A) is incorrect because Using a sales base involves comparing a retail amount with a cost amount (inventory).
Answer (B) is incorrect because Using a sales base involved comparing a retail amount with a cost amount (inventory).
Answer (C) is incorrect because Cost of sales is affected by the method used to value inventory, for example, the inventory flow assumption (FIFO, LIFO, etc.).