To break your problem down in a way that a formula can be created in Excel, can you tell when you come across 1/32nd's, whether you

1. always ROUNDUP to 1/16th's

2. follow some other criterion -- if you follow some other criterion -- what is that criterion.

In your descriptions, you are providing a good description of the trade practices, but please describe clearly in terms of numerics.

You also stated, you want to have a formula using the IF function. Perhaps you have created a formula and it is not working. Can you post:

1. what is the formula you have

2. what are the arguments in the formula

3. what is the result you are getting

4. what is the result you expect

5. if possible post this information, using Colo's utility (downable from this site -- for information scroll down to the very bottom of MrExcel page.

I believe, once the necessary information is clearly delineated, the necessary formula will not be hard to create. Your clear and specific response to each of the questions asked in this post will greatly help in developing the formula you are looking for.