Applying Certain Formulas depending on Drop Down Selection

Hello, I am wondering if there is a way to apply a formula to a cell depending on what choice is made from a drop down box in a cell that it refers to.
Hypothetically:
I have a drop down box in A1 with 2 options: Cookie Making Costs - or - Cake Making Costs
In cells A3 through A10, I have cells with the costs for all the ingredients (and B3 through B10 for cake ingredients).
If I select Cookie Making Costs, I would like B1 to apply a formula that sums up all the costs associated with making cookies "=sum(A3:A10)"
If I select Cake Making Costs, I would like B1 to apply the sum of the cake ingredients "=sum(B3:B10)"

Is this possible?

Thanks!
Tom

Perfect! It worked.
Thanks