In our typically scenario we will first check if lot/serial #s are being pulled from inventory. If they are we will select the ones with the oldest expiration dates first. If you are not tracking expiration dates then the ones that have been in inventory the longest.
If you are not tracking lot/serial #s OR more than one are found to be the same age, we will then check and see if there is stock in the default/master bin assigned to the item. If there is no stock there we will check the bins in alphabetic order selecting inventory as it is found.