AB Function: IF; Formula: Multiply, Subtract; Cell Referencing Using Excel to Prepare a Static and Flexible Direct Labor Budget PROBLEM Rooney Company provided the following information needed for the preparation of its static and flexible budget reports during January, 2022 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 10 11 Direct labor rate per direct labor hour Actual direct labor cost, January $ 20.00 $ 206,000 12 Expected direct labor hours per month 10,000 13 Actual direct labor hours, January 10,400 14 Direct labor Rooney Company Static Direct Labor Budget Report For the Month Ended January 31, 2022 Budget Actual Difference 15 Prepare the following budget reports for January 2022 using 16 Excels' IF function, and evaluate the usefulness of each report 17 a. A static budget report 16 b. A flexible budget report 19 20 24 30 32 b. Direct labor Rooney Company Flexible Direct Labor Budget Report For the Month Ended January 31, 2022 Budget Actual Difference 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