A locking system or a storage unit with the locking system, includes a locking core and a connected cammed lever. A user can rotate the core and lever about an axis when a latch is disengaged from a detent. When the latch is engaged with the detent, the core and the cammed lever are prevented from rotating about the axis. When the locking assembly is installed within the storage unit, the latch may be configured to strike a guide associated with a locking bar assembly, so that when the latch is moved to an unlatched position, the locking core and the lever are free to rotate, operating the locking bar between locked and unlocked positions. When the latch is withdrawn away from the guide, the latch engages with the detent to prevent movement of the lever and locking core relative to the locking assembly, to retain the lever and locking core in a desired, predetermined orientation.