Please help with value lookup

All I want to do to replicate the same VLookup function from excel in SP list. All the videos and resources show how one can create a drop-down options for the Vlookup. 

I have thousands of part numbers and I need the price field to automatically look up the price of an item based on the part number.  Most of the time I copy and paste the part numbers. I don't choose them from a drop down list. So SP lookup function is useless. 

How is this not even coming up as a support video? It is the most basic function that has been used for decades. How can I make this work?