Calculating the amount
When making business reports it is often necessary to calculate the sum of the amount as a product of quantity and price which are stored in the columns of the table. For this purpose, we can manually create formulas, and we can also use SUMPRODUCT function, which has a goal to summarize products within the range for given arguments. Let’s say something more about this, not so known, function …
Arguments of SUMPRODUCT function are ranges. In most cases they are colums of a table which hold data about quantites and prices which should be first multiplied, and then summarized. Syntax of this function is:
SUMPRODUCT (<range1>,…,<rangen>)
Most of the time we only enter only two ranges, but the function also allows multiple criteria for multiplication. In our example, where we multiply quantities and prices in a table, the formula would look like this:
=SUMPRODUCT(B2:B6,C2:C6)
The result of the SUMPRODUCT function is the sum of the amounts, the same as that we applied SUM function over quantity and price products. This function might not be applied as some other summation data functions, but it is useful to know that it exists. Well then, when an opportunity arises, we can apply it as well.
