Lot Costing Method

Does anyone use Lot Costing/Tracking? If so, can someone briefly explain how it works. I understand conceptually but attention is in the detail.

How do you receive material? Is each receipt identified by some lot number?

How does it cost inventory? If I have 50 items in lot 1 at $5 and 50 of the same items in lot 2 at $4 .... what will be the value of my inventory and does it show up as separate items on the inventory report when I go to reorder?

How do material issues show up .... in the example above, if I issued 75 items to the project/job how would it show up? Is there a report that is generated that shows me that I issued some items from lot 1 and lot 2?

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