automatically generate item look up code

is there anyway RMS can automatically generate items look up code according to items department. for example if we add an item in a department called "cigar" the item lookupcode should have a prefix of category "cigar" which can be "01" and then a serialized lookupcode. for example if the last item entered in the cigar category has code "01150" the next item we add in this department should automatically get the lookupcode as "01151". can anybody please give me any idea on how can i go about doing this. any advice or comment will be much appreciated. thank you.