Automatically Copying a cell from another cell but with edits

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Hello,

I have 2 columns called " Location" & "Observation report Number". The Location column is a drop-down list of 4 options (WH1, WH2, JS1, JS2). I would like to have the "Observation Report Number" column to auto-populate with the location in addition to a number at the end of it. For example, If I manually enter the first row with a location of "WH1", then the "Observation Report Number" column will automatically populate with " WH1-001". The number at the end will keep on increasing automatically every time I manually select "WH1" location for the subsequent rows (WH1-002,003,etc..).

Is there a formula that would incorporate the above?

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