SELECT  i.*,
        LAST_VALUE(i.QTY_END) OVER (PARTITION BY YEAR(i.datephysical),
                                                 MONTH(i.datephysical),
                                                 i.itemid,
                                                 i.inventlocationid
                              ORDER BY YEAR(i.datephysical) ASC,
                                       MONTH(i.datephysical) ASC,
                                       i.datephysical ASC
                              ROWS BETWEEN CURRENT ROW
                          AND UNBOUNDED FOLLOWING) AS last_val
INTO #CTE
FROM   [tmp].[dbo].[Test]               i WITH (NOLOCK)
  JOIN [tmp].[dbo].[DATELIST]           d WITH (NOLOCK)  ON i.datephysical = d.datelist
WHERE  YEAR(d.datelist) = 2016
   AND ITEMID = 'G_K100600'
   AND i.QTY_MOVE != 0

SELECT       DISTINCT
             ItemID,
             B.LastDayMonth
INTO         #ITEM
FROM         #CTE       AS A
 CROSS  JOIN #DateList  AS B

SELECT      DISTINCT
            B.ItemID,
            A.INVENTLOCATIONID,
            B.LastDayMonth,
            A.last_val
INTO        #Result
FROM        #CTE   AS A
 FULL JOIN  #ITEM  AS B ON B.LastDayMonth = A.LastDayMonth
                       AND B.ITEMID       = A.ITEMID
ORDER BY    B.LastDayMonth ASC

SELECT  t.*,
        ISNULL(LAST_Val, LAG(Last_Val) OVER (PARTITION BY  YEAR(t.LastDayMonth),
                                                           MONTH(t.LastDayMonth)--,
                                                           --t.LastDayMonth
                                       ORDER BY ITEMID,LastDayMonth ASC)
                                       ) AS wf
FROM (
 SELECT   a.ITEMID,
          a.LastDayMonth,
          SUM(a.Last_Val) as [Last_Val]
 FROM     #Result a
 GROUP BY ITEMID,
          LastDayMonth ) t