I have a unique key in column A and a number value in column K.

Based on the unique key (cuz there could be duplicates), I need a formula that will state that if there are more than 1 unique key then SUM column K. If column K's sum is greater than 1 then "Recycled" if not then "New New".

Here's the formula I currently have which is returning a #VALUE!.

SUM(IF(COUNTIFS($A:$A,A2)>1,"Recycled","Net New"),$K:$K)

Please help.

Thanks,