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Default "if" , "then" formulas

I would like to format my spreadsheet so that when I enter a word in one cell
it automatically inputs a value in another cell. For example: (if cell
A1="Blue Shirt" then cell B1=4.39, if cell A1="Red Shirt" then cell B1=5.19)
....and so on. This way Excel can automatically tally the cost of the item I'm
putting in and give me that value in the adjasent cell. I've seen it done, I
just can't remember how. Help!
 
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