Are the coordinates consistently in that format? What is the meaning of each element? I assumed they were degrees minutes seconds, but I do not get the same values that you get. (I got 54.6028 for 54 36 10 and 124.0756 for 124 04 32).
Whatever the specific meaning of each field is, the difficult part is using Excel's text functions to parse the string into individual values. (MID() function help file
https://support.office.com/en-us/art...8-4ecb12433028 ). Something like =MID(A2,2,2) will extract the "degrees" number 54. MID(A2,5,2) will extract the minutes 36. MID(A2,8,2) will extract the seconds 10. Combine that with appropriate "conversion factors" (minutes/60 and seconds/3600) to convert minutes and seconds to decimal degrees should do the job.
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