Is it possible to change the background color of several labels to either red or green based on values stored in an excel sheet?

The PP slide will have a number of label boxes that are either red or green and a text label beside it describing what it represents. The excel spreadsheet will have a column of 1's or 0's that are changed by a user and the powerpoint slide automagically updates when the excel sheet is changed.

Any help would be greatly appreciated.