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Help with a formula
This is probably a basic question... I am wondering how to input a formula that would allow me to calculate the value/price of something based on a drop-down selection.
For instance, column A would have a drop-down options listing different tree species. For example, Redwood, Elm, and Walnut.
Column B would have the board feet of a slab/board we have in stock.
I want column C to calculate the price of each board based off of the known value of the species. It would know that if the first cell has 'redwood' selected than the price is $7 per board foot, 'elm' has a price of $8 per board foot, 'walnut' has a price of $17 per board foot, etc. That would be multiplied with the board feet in column B to give me the value of the board.
I'm a spreadsheet rookie. Is this possible?