Can arduino perform as a weighing machine?

I would like to come up with arduino that performs as a simple weighing machine by using load cell. Load cell gives off its mVoltage as a digital signal from some displacement and my idea is to use arduino to process those signal and display digits on LCD according to the intensity of mVoltage. But, I am having difficulty figuring out how to program arduino to process those signals and do the things that normal weighing machine does. Also, I hope I could possibly fit in a rotary encoder to this kind of weighing system and make the weighed object to be designated on a specific location such as drop 1, drop 2 or drop 3 etc, just like a sorting machine performs. Please guide me how to do this and your guidance will be highly appreciated. Thank you.

Hi, I would like to find out whether below arduino programing is workable.

void loop()
val = analogRead(0); // read input value
if (val < 101)
digitalWrite(2, HIGH); //send signal to digital pin #2 in case input variable is smaller then 101
digitalWrite(2, LOW);
} else if (val > 100 && val < 201) {
digitalWrite(3, HIGH); //send signal to digital pin #3 in case input variable is greater then 100 and smaller then 201
digitalWrite(3, LOW);

I will connect just normal digital indicator which widely used for weight check(used wil loadcell).
This digital indicator will give between 0~5V DC voltage variables to arduino’s analog input pin(0) whenever it gets signal from loadcell.
I want to ask you two questions.
(1) Let’s say that the digital indicator is displaying 150, and send DC voltage(to arduino analog input) which corresponds to digital value 150, then the value arduino gets after the analog to digital conversion process is also 150?
(2) I want my arduino to send 40mA digital signal to another arduino when the variable received from analog input pin is greater then 100 and smaller then 201. Is above programming is suitable for my intention?

Thank you.