Populate fields with Selected entity. A Very Common Case

I have an Entity/Content Type called Customer Services :
It has three fields as follows:
Customer Name : text field
Customer Service : entity reference select list of Content Type Our Services
Service Price : text field

and

Our Services has two fields :
Customer Service : text field
Service Price : text field

In the Customer Services content type If I select a service then its price should be populated in the service price text field

This is a very common task.

I'm sure there must be a very easy way to do this.