Max function doesn't work

In that case use this construct.

Measure =
VAR MaxTime =
    MAX ( Table[time] )
RETURN
    CALCULATE ( MAX ( Sales[Column] ), Table[time] = MaxTime, field4 = "F" )

You can use multiple boolean operations in the same filter argument of CALCUALTE when the opeartion is over the same column for example the below works fine 

Measure =
VAR MaxTime =
    MAX ( Table[time] )
RETURN
    CALCULATE ( MAX ( Sales[Column] ), Table[time] = MaxTime && Table[time] = "F" )

 becuase internally Table[time] = MaxTime && Table[time = "F" expands and becomes:

FILTER ( ALL ( Table[time] ), Table[time] = MaxTime && Table[time] = "F" )

 But in case of multiple columns DAX engine is unable to figure out the way to create exisiting combination of Time and the other column, so in that case you can use this:

Measure =
VAR MaxTime =
    MAX ( Table[time] )
RETURN
    CALCULATE (
        MAX ( Sales[Column] ),
        FILTER (
            ALL ( Table[time], Table[field4] ),
            Table[time] = MaxTime
                && Table[field4] = "F"
        )
    )

but I am assuming field4 and time are the columns of the same table, other wise separate them into 2 filters of CALCULATE as shown in the first example