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sourcing a field on inventory item record

I have a field to capture the vendor lot number on the item receipt, and a custom field on the inventory item (lot/serial record) for the vendor lot number. Can I use a workflow and a saved search to copy the data from the item receipt to the inventory item record? I know I can open up the inventory item record, and add the data in the UI, but I want to automate that transfer

I want it as a saved field so I can include it in inventory on hand searches.

What record type should be selected?

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