SUM based on if then statement

[Atrain21]

I am trying to create a formula that will sum a row of numbers based on an if statement from another column. Below is sample data to help illustrate this. I want sum all the amounts of WON and then also sum all the amount so LOST.

COL A	COL B
WIN/LOSS	Amount
Won	5000​
Lost	2000​
Won	5000​
Won	5000​
Lost	1000​
Total Won	sum COL B based on COL A = WON	<<<expected result 15000
Total Lost	sum COL B based on COL A= LOST	<<<expected result 3000

 

[Joe4]

There is a function for that called SUMIF.
See: MS Excel: How to use the SUMIF Function (WS)

It should be pretty easy to use/implement in your scenario.