Upper:
7 just means all the jobs tiers can equip it. Normal jobs, upper jobs, and babies can use the item
Location:
2^1 002 = Weapon
2^5 032 = Shield
It says 34 because Claymore is two handed therefore occupying two item slots.
The two slots happen to be the weapon and shield slot following that logic 2 + 32 = 34.
Job:
As for job, it is the same idea as location
Knight: 0x00000080
Crusader: 0x00004000
So in combination 4080
Now, lets see if you can figure out what the combination for the knight and priest is. Good luck!