See if this is what your looking for, I created a blank form, added a datagrid and 2 labels:
Private Sub Form1_Load(sender As System.Object, e As System.EventArgs) Handles MyBase.Load
DataGridView1.Rows.Add("Item 1", "SAW", "20")
DataGridView1.Rows.Add("Item 2", "CHAIN", "50")
DataGridView1.Rows.Add("Item 1", "WOOD", "60")
DataGridView1.Rows.Add("Item 4", "BENCH", "10")
Dim xMC, xAC As Decimal
For Each row As DataGridViewRow In DataGridView1.Rows
If row.Cells(0).Value = "Item 1" Then
xMC += row.Cells(2).Value
End If
If row.Cells(0).Value = "Item 2" Then
xAC += row.Cells(2).Value
End If
Next
Label1.Text = "ITEM 1 Cost: " & "$" & String.Format("{0:n0}", Math.Round(xMC, 2))
Label2.Text = "ITEM 2 Cost: " & "$" & String.Format("{0:n0}", Math.Round(xAC, 2))
End Sub