Please can you include formulas + cell reference in the answer provided. Thank you:)

E GH 1 MN O P Q R S T U V w Y Y | A B 1 Function: IF; Formula: Multiply, Subtract; Cell Referencing 3 Using Excel to Prepare a Static and Flexible Direct Labor Budget 2 4 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 PROBLEM 6 Rooney Company provided the following information needed for the 7 preparation of its static and flexible budget reports during January, 8 2022 9 9i 10 Direct labor rate per direct labor hour $ 20.00 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 15 a. Rooney Company Static Direct Labor Budget Report For the Month Ended January 31, 2022 Budget Actual Difference Direct labor 141 b. . Rooney Company Flexible Direct Labor Budget Report For the Month Ended January 31, 2022 Budget Actual Difference Direct labor 15 Prepare the following budget reports for January 2022 using Excels' 16 IF function, and evaluate the usefulness of each report. 17! a. A static budget report . 18 b. A flexible budget report . 19 20 20 21 2- 22 24 23 -- 24 25 26 27 28 29 30 31 24 32 2 22 33 34 35 36 C. Which budget report is more useful? budget does not provide a proper basis for evaluating performance because the budget is the hours actually worked. budget provides a proper basis for evaluating performance because the budget is the hours actually worked