I am having trouble with this. The red boxes below are what is wrong and I included my formulas as well.

F G H I J K L MNC P Q R Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem area or work area as indicated. Use the IF function with cell references to label as Favorable or Unfavorable 5 a. 20.00 Rooney Company Static Direct Labor Budget Report For the Month Ended January 31, 2022 Budget Actual Difference Direct labor $ 200,000 $ 206,000 $ 6,000 U b AB D E 1 Function: IF; Formula: Multiply, Subtract; Cell Referencing 2 3 Using Excel to Prepare a Static and Flexible Direct 4 Labor Budget PROBLEM 6 Rooney Company provided the following information needed 7 for the preparation of its static and flexible budget reports 8 during January, 2022. 9 10 Direct labor rate per direct labor hour $ 11 Actual direct labor cost, January $ 206,000 12 Expected direct labor hours per month 10,000 13 Actual direct labor hours, January 10,400 14 15 Prepare the following budget reports for January 2022 using 16 Excels' IF function, and evaluate the usefulness of each 17 a. A static budget report 18 b. A flexible budget report 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 Rooney Company Flexible Direct Labor Budget Report For the Month Ended January 31, 2022 Budget Actual Difference Direct labor $ 208,000 $ 206,000 $ 2,000 F C. Which budget report is more useful? Flexible Budget Report The static budget does not provide a proper basis for evaluating performance because the budget is not based on the hours actually worked. The flexible budget provides a proper basis for evaluating performance because the budget is based on the hours actually worked F G H J K K L M N P Q R Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem area or work area as indicated. Use the IF function with cell references to label as Favorable or Unfavorable. a. Rooney Company Static Direct Labor Budget Report For the Month Ended January 31, 2022 Actual =D11 =L13-J13 Budget =D12*D10 Direct labor Difference =IF(L13>J13,"U", "F") b. D E 1 2 3 4 5 6 and flexible budget reports during 7 8 9 10 20 11 206000 12 10000 13 10400 14 15 te the usefulness of each report. 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 Rooney Company Flexible Direct Labor Budget Report For the Month Ended January 31, 2022 Actual =D11 =ABS(L20-J20) Budget =D13*D10 Difference =IF(L20>J20,"U","F") Direct labor C. Which budget report is mo Flexible Budget Report The static budget does not provide a p because the budget is not based on the hours actually worked The flexible budget provides a proper ba because the budget is based on the hours actually worked. a. Rooney Company Static Direct Labor Budget Report For the Month Ended January 31, 2022 Budget Actual Difference 200,000 $ 206,000 $ 6,000 U Direct labor $ b. Rooney Company Flexible Direct Labor Budget Report For the Month Ended January 31, 2022 Budget Actual Difference 208,000 $ 206,000 $ 2,000 F Direct labor $ c. Which budget report is more useful? Flexible Budget Report The static budget does not provide a proper basis for evaluating performance because the budget is not based on the hours actually worked. The flexible budget provides a proper basis for evaluating performance because the budget is based on the hours actually worked