Inventory Glossary - L
L
- LIFO costing
- Costing method where it is assumed that items that were received most recently are transacted first.
- locator
- Physical area within a subinventory where you store material, such as a row, aisle, bin, or shelf.
- locator control
- An Oracle Manufacturing technique for enforcing use of locators during a material transaction.
- logical organization
- A business unit that tracks items for accounting purposes but does not physically exist. See organization.
- lot
- A specific batch of an item identified by a number.
- lot control
- An Oracle Manufacturing technique for enforcing use of lot numbers during material transactions thus enabling the tracking of batches of items throughout their movement in and out of inventory.
- lot for lot
- A lot sizing technique that generates planned orders in quantities equal to the net requirements in each period.
- low level code
- A number that identifies the lowest level in any bill of material that a component appears. Low level codes are used by the MRP planner to ensure that net requirements for the component are not calculated until all gross requirements from parent items have first been calculated.
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