Which priority is preferred?

When using priority there is a "Use First" and "Use Last" button you can use to assist yourself in finding the highest or lowest priority on your warehouses/locations/lots.
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The highest priority will be consumed first and received to first if you don't otherwise specify.
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Example: Receiving to warehouse with front-stock (100) and back-stock (20) locations will prefer the front-stock location by default for all transactions unless otherwise specified.