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In this video tutorial, the creator demonstrates how to use formulas alongside Google Forms data. The process begins with creating a Google Form titled "Purchase Order." The form includes a dropdown menu for item selection and a required short answer field for quantity, ensuring the input is a number greater than zero. After setting up the form, the tutorial shows how to link it to a spreadsheet by clicking the spreadsheet icon under responses, allowing for data tracking. The tutorial suggests adding formulas on the spreadsheet to analyze the data submitted through the form as items are entered.