3. Sheets: Use Functions to Calculate Cost and Current Sales — Format Currency and View Function List
In this video, you will complete the data tables in your new sheets with functions.
Functions are pre-set formulas used to make calculations in Google Sheets. Instead ofmanually adding or multiplying a row of numbers, functions do the work for you.
You will use the MULTIPLY and SUM functions to calculate the totals in the cost and profittables. Then, you will summarize that data, and find the revenue, in the profit summary.
The cost, revenue, and profit will help you determine how much money was spent buyingmaterials versus how much your community earned from sales. For example, you may think youmade five hundred dollars selling shirts, but if you spent two hundred dollars on materials,then you really only earned three hundred dollars. This information is laid out in tables,which shows the data in rows and columns. To start, use the MULTIPLY function to findthe cost of each shirt type. The “cost” is the amount the fundraising committee spentto buy supplies. In this case, it’s the shirts, which are also the units. You willmultiply the cost per unit, or the amount of each shirt at wholesale cost, by the numberof units purchased. In the “cost” column of the Cost table,type an equals sign, then begin typing the word “multiply.” Select MULTIPLY fromthe menu.
Click into the cell of the first number in your multiplication problem.
Type a comma, then click into the next cell you want to multiply.
Close the parenthesis, and press enter to complete the function.
Nice work! You calculated the total cost of stocking crewneck t-shirts.
If you see an error message, that’s okay. Check your function and make sure it matcheswhat’s on screen exactly. Then, change the number format, if it is notset to “currency” already, to make sure it reflects the correct type of data.
You could repeat these steps for the rest of the items in this table by using the multiplicationfunctions. But to save time, click then handle of thecell with your function and drag down to populate the rest of the cells in the cost column.
This applies the function to other cells relative to the rows and columns around it. Now youknow how much your fundraising committee spent to purchase each type of shirt.
Finally, use the SUM function to calculate the total units purchased and total overallcosts. These numbers tell you the total amount of the upfront costs for the fundraiser, orhow much the group spent on stocking t-shirts.
Now that you’ve determined the costs forsupplying the shirts, you can calculate how much money the fundraiser actually earned.
Use the SUM function to find the actual number of shirts sold in the Current Sales table.
Great work! In the future, if you need to complete a particular calculation, consultthe Function List. You might want to divide numbers to complete a budget,count rows of guests when writing invitations, or substitute one place name with anotherwhen changing plans for an upcoming trip.
Now, it’s your turn: Use the MULTIPLY function to calculate costs,Change the number format to Currency, Use the SUM function to total your calculationsand determine your current sales. And if you need to complete a particular calculation,you can consult the Function List.