Lot & Bin meaning

I’m a bit stuck with the definition of Lot and Bin.

What is the use of a LOT? And what is the use of a Bin?
Is it some kind of location in a warehouse? Where LOT is like a shelf where the products are located and Bin like a trashcan?

Or does LOT mean a specific batch of an item that was received with the same number: LOT?

Bin locations are locations within a warehouse.

Lot numbers are identifiers (usually assigned by the manufacturer) that is attached to a specific item.

For serialized items like computers, where quantity = 1 the manufacturer assigns a serial number.


For anything where quantity > 1, the manufacturer assigns a lot or batch number (and sometimes an expiration date) to allow easy identification (used primarily for recall).


Ah yes, stupid question! Thanks anyway!!