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Default using logic values

i want to make a chart that i will be able to select an item from a
drop down menu, then have it place a value into another cell. ex: if i
select "plain black" i want cell b1 to say "$20 or if i select "fancy
black" i want cell b1 to say "$40" or if i select "white" i want cell
b1 to say "$10" can this be done without writing a script?

excel 2003