Excel VLOOKUP based on criteria

I have an example attached.  The result of the formula should be what is shown in column E.  Not sure how I can do this.  If column B contains the text "Assy" or "Sub" then the lookup should occur and get the next value.

Please update example1.xlsm if you can help.
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Saurabh Singh TeotiaCommented:

I'm confused..if you can help me understand how does  in row -2 6:00 get's picked up?? and even 03.06??

What is the logic you want to create?

The logic is too complex for a vlookup - you need a VBA macro to do that.

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Contrary to the comment above that the 'logic is too complex' it actually doesn't look very complex at all, just that you have not articulated what you need.

If you can answer Saurabh's query above, it is very likely you'll get an answer that avoids using VBA which is almost always going to be preferable.

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