Excel 2007 : Depending on value of one column, counting values in another column

Hello,
I have a data spreadsheet from an experiment I conducted, and I am looking at 2 columns like the following, with 0 and 1 being "incorrect" and "correct" responses, respectively:

A____B
F____0
B____1
F____1
F____1
B____1
N____0

I am trying to figure out a way to have excel search each cell of the first column for one of the letters, then have it go and see whether the second column has a "0" or a "1" in it, then have it spit out something like this:

F: Correct: 2 Incorrect: 1
B: Correct: 2 Incorrect: 0
N: Correct: 0 Incorrect: 1

I am trying to eliminate having to count these by hand since I have 1100 cells per column.

Help will be GREATLY appreciated!
-Marina