How to Apply formula to dropdown columns

  1. Production Status- drop down column- with values like In-Production, Production Ineligible etc
  2. Handoff Column-dropdown column- with values 1,0, N/A
  3. Contract Signed -Dropdown column-with values 1,0, N/A

Need a formula that if for "Production Status"-Production Ineligible is selected from the dropdown then Handoff column and Contract Signed should be auto updated with N/A values. Is this possible ?

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