Tip: Using Excel's SUMPRODUCT Function

Excel provides a useful function called SUMPRODUCT which can be used to find summation of multi dimension data series.

For example:

• You have number of cartons in cells A1:A5
  
• Number of units in each carton in cells B1:B5
  
• Price of each unit in cells C1:C5

You want to find the total cost of the stock. The answer is simple. You use the following formula:

=SUMPRODUCT(A1:A5,B1:B5,C1:C5)

You don't need to multiply A1*B1*C1 and then copy it down.

This function seems to be quite handy and can be used for many other calculations.

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This handy tip appeared recently on our sister site, AccountingWEB.co.uk [1].

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