To return multiple value using VLOOKUP function

Hi

One way would be to use an extra column which concatenates your Item and Colour, and use this range as your "lookup" range.

See attached workbook, where in a newly inserted column A, I have used the formula
=A2&B2
and copied down

To test if the product exists, you don't need a lookup, but the faster Countif function.
=IF(COUNTIF($A$2:$A$6,$C9&D$8),"Y","N")
Copy across and down

To get the price for the product then
=IF(COUNTIF($A$2:$A$6,$C9&D$8),VLOOKUP($C9&D$8,$A$2:$D$6,4,0),"")