Assuming that all warehouses are the same size and shape and carry the same things, which is why they instead use Local bin numbers. Works a lot like an IP and MAC I suppose.

Which they do: Aisle and Bin numbers on each item describing where it is in the warehouse.

I think the product number codes are equivalent to SKUs.

Items in the warehouse go through many coordinates during manufacture, shipment, merchandiser, etc. before going out to the parking lot with a customer.

The part number is for accounting.

It allows allocation of expenses such as raw materials in a meaningful way.