F FUNCTION

Hello,
here is the situation

Data is

Time In 8:30 am
Time out 05:00 pm

Now i want the If Formula to function , that if the employee come late to work after in time (8:30 am) and leave work earlier than out time (5:00 pm) happens the value turns to "Fails".

in other words, I am working on a time sheet, and i need to verify when workers r coming late or leaving earlier than the allowed time, so what i need is when i enter the time in A1 it shows in B1 that he's "late" otherwise "Ok"

any time like before 8:30am and after 05:00pm should be OK am and after 4:30 pm should be false and data between 9-4:30 should be true.

Waiting for expert opinion.