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Default Is Excel capable of doing this function?

I have created an invoice to use for my scrapbook business. I don't know if
excel can do the following thing or not. If it can, how do I set it up to
function?

I have a place for an item number. Is there a way to enter the item number
(z1561) and have the discription (stamp pad set) and the price (26.95)
automatically come up. I know if it can, I will have to create the entire
inventory list for all products.

Thanks for any help.
 
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