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Default Linking other cells to a list item

I have tried a number of things and searched all over but can't figure out
how I can link other cells to a list item.

Example - if I select a specific item from the drop down list I want to be
able to get the price for the item as well from my price list, which could be
in the same worksheet or workbook.

Just trying to built a simple calculator for material used.
 
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