Turnover ratio is defined as

1. $\dfrac{\text{Fixed capital investment}}{\text{Gross annual sales}} \\$
2. $\dfrac{\text{Gross annual sales}}{\text{Fixed capital investment}} \\$
3. $\dfrac{\text{Fixed capital investment}}{\text{Average selling price of the product}} \\$
4. $\dfrac{\text{Gross annual sales}}{\text{Average selling price of the product}}$