Formula for SUM by the category

Y. Czerski
edited 12/09/19 in Formulas and Functions

Unfortunately couldn't find the solution here. 

I'm just looking for a formula that will allow me to count total sum by the category of a product. 

Basically, I have two columns: first is the Dropdown list with the category of a product, and second one is the Text/number column with the bid amount. What I need is a total sum based on each category. Is there a formula or some other way to solve this problem? I really appreciate any help. Thank you in advance! 

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