You can use a lookup table where you add a second table to translates from item to value like:
the table on the right is titled "Item_To_Value".
The table on the left use the table on the right as:
B1=VLOOKUP(A1, Item_To_Value :: A:B, 2, 0)
set up A1 as a popup with item names like those in the table on the right
You could use an IF statement in the second cell.
Popup in column B, two items: "This", That" (without the quotes)
Formula in same row of column C
Format the cell in column C as currency.
If there are more than two items in the popup menu, it's better to use a lookup table containing the same list as the popup in column A, with the corresponding values in column B:
C5: =LOOKUP(B,List :: $A,List :: $B)