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.
- 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:
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.
This handy tip appeared recently on our sister site, AccountingWEB.co.uk.