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. Direct labor rate per direct labor hour $ 20.00 Actual direct labor cost, January $ 206,000 Expected direct labor hours per month 10,000 10,400 Actual direct labor hours, January Prepare the following budget reports for January 2022 using Excels' IF function, and evaluate the usefulness of each report. a. A static budget report b. A flexible budget report b. Budget Direct labor $ $ Rooney Company Static Direct Labor Budget Report For the Month Ended January 31, 2022 Actual 200,000 $ 206,000 $ 6,000 Rooney Company Flexible Direct Labor Budget Report For the Month Ended January 31, 2022 Difference Budget Direct labor $ $ Actual 208,000 $ 206,000 Difference $ 2,000 c. Which budget report is more useful? Flexible Budget Report