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Lookup up cost for product or service

Excel formula: Lookup up cost for product or service
Generic formula 
=VLOOKUP(product,table,column,FALSE)
Explanation 

If you have a list of products or services (or related options), with associated costs, you can use VLOOKUP to find and retrieve the cost for a specific option.

In the example shown, the formula in cell F6 is:

=VLOOKUP(E6,B5:C7,2,FALSE)

This formula uses the value of cell E6 to lookup and retrieve the right cost in the range B5:C7.

How this formula works

This is a basic example of VLOOKUP in "exact match" mode. The lookup value is B6, the table is the range B5:C7, the column is 2, and the last argument, FALSE, forces VLOOKUP to do an exact match. (Read why this is necessary here).

If VLOOKUP finds a matching value, the associated cost will be retrieved from the 2nd column (column C). If no match is found, VLOOKUP will return the #N/A error.

Author 
Dave Bruns

Excel Formula Training

Formulas are the key to getting things done in Excel. In this accelerated training, you'll learn how to use formulas to manipulate text, work with dates and times, lookup values with VLOOKUP and INDEX & MATCH, count and sum with criteria, dynamically rank values, and create dynamic ranges. You'll also learn how to troubleshoot, trace errors, and fix problems. Instant access. See details here.