I agree norm, a map would help but you would need two of them. One for quantity and one for total cost. And again i warn of using things your teacher doesnt allow. Many assignments are done to teach you a certain thing about programming that using an advanced tactic could render useless. Some teachers mark off for that. Just use caution.
I would recommend, for a more basic solution, sort your list so the items are grouped together and you can just go through the list and total things up. Then when you see the item name change you can output the values and go onto the next item.
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Another way to do this would be to keep a list of "processed items". Then you could check, is my item in the processed list and if it is you can skip it. Some of these options are pretty obnoxious, you'll have to decide what works with where you are at in your progression of learning java.
Something else i thought about. Are you supposed to be checking for a possibility that you have a vehicle and a tool that share the same name? A big part of my job is knowing how to break code and this is the first thing i would try.