SUMPRODUCT can save us lot of time as it does calculation in multiple ways.
We are given data for Quantity, Price and Margin and we want to find out the total revenue and total profit
Total revenue = SUM(Quantity X Unit Price)
Company's total revenue is a sum of revenues from all products.
We can do this in EXCEL cell by cell using formula in each row. But SUMPRODUCT does it all together at once and hence saving time.
SUMPRODUCT automatically does calculation of quantity X Price and then sum it up for all rows and gives us the answer. We just need to select range of data in each column - quantity and Unit Price
Same way we can also calculate profit in this data.
By selecting range in 3 columns- Quantity, Unit Price and Margin we can get the profit number quickly
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