Access 365 Conditional Formatting based on ComboBox Value

I have a simple Access project with one table, one form and one report.  There are 3 fields in the table that are currently Text fields and have existing values in them.  I have been asked to make each of these 3 fields a drop down list in which the users can only select the values in the value list.  In addition, for each of the different values in each of these 3 fields, they want the form and the report to change the color of that field based on the value selected.  I started some testing and found I could not get any conditional formatting options when I first attempted to make the 3 fields the List Box type.  Then I changed them to ComboBox type and saw that the Conditional formatting icon was now available.  Now, with the 3 fields as ComboBox fields with the values set, I don't know how to proceed to make the field red in color when 'Gloss' is selected, for example.  I will use one field as an example which is 'Type'.  The listed values for the 'Type' field are Pouch, Wrapper, Carton, Shrink Sleeve, Signage, Display, Labels.  The colors wanted are red, blue, green, yellow, orange, purple, brown, respectively.  The other question is since I am changed the Type field from text to ComboBox, do I have to worry about damaging the existing values in the existing records?  

Thank you for any help you can give.  Marc
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I just tried it in Access 2007 and it seems to work.  How are you applying the conditions?

"I don't know how to proceed to make the field red in color when 'Gloss' is selected, for example"
when I click on the Conditional button, I am presented with a box for Condition 1 and a dropdown with "Field Value Is" then another dropdown which I changed to "equal to" then a box for the value such as Gloss.  Next use the various formatting controls to change this as needed such as change the background color (pain bucket) to Red.
Once this is in place, I can click on an [Add >>] button and repeat the process for the next item/color.

Do you see those options in A-365?

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