Can the IF and VLOOKUP functions be combined?

I'm trying to create a scenario by which the user can select Yes (as in yes I choose this product) and then the cost of the item (i.e. a numerical value) will appear in the next column (the column next to where he indicated Yes).

I thought the way to do it would be to create a VLOOKUP formula that would pull in the numerical value from a hidden validation list; and then create a validation list in the column next to it that would 'activate' the formula per se (using an IF statement). But I'm not sure how to do this with my limited excel knowledge. Am I on the right path? Or is there another way to do this?

Please help

See attached.

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But you don't need to look is error if you can't type anything else that's defined by validation list so you'll never get error or validation will show you error so I think =VLOOKUP(A4;N3:O5;2;FALSE) is enough

But you don't need to look is error if you can't type anything else that's defined by validation list so you'll never get error or validation will show you error so I think =VLOOKUP(A4;N3:O5;2;FALSE) is enough

That depends on the Error Alert style. If "Warning" or "Information" style is used, then an invalid entry could be made, resulting in a return of N/A.