I'm trying to use an IF statement for time based data. The data that I'm
evaluating is in the 0:05 time format, which is the same as [h]:mm format in
custom formatting under cell formats.

Here's the scenario. The data in cell k1 is 0:05. I'm trying to evaluate
if this value is greater than or equal to 1 and at the same time less than or
equal to 5. My current logic statement is set as:

=IF(1<=k1<=5, "1-5",false). This returns false.

I've also tried =IF(0:01<=k1<=0:05,"1-5",false), but that results in an error.

Please help.