Format duplicate cells based on selection from another workbook

[Perodin]

I have checked the forums for an answer and spent a few hours toying with functions, but I am newer to deeper formula craft. I am thinking this should be brutally easy and I am just not finding the right way to accomplish my task.

In worksheet "Inventory" I have a listing of values in B1:B1085 that are items currently in my database.
In worksheet "Catalog 1" I have a listing in of values in B1:B717 that are items I need to check against.

In short I want to highlight any cell in workbook "Catalog 1" that has a duplicate entry that occurs in worksheet "Inventory". However, I keep running into errors saying that I can't use direct reference to a worksheet range or that I can't use data contained on another worksheet. I would see this as a direct column to column compare, but cannot seem to make it work. I should also mention that there are multiple catalog worksheets I plan to check against (though I can do these one by one) and some values contain both letters and numbers as i know this affects how functions may be written.

 

[NeonRedSharpie]

Are you open to a VBA option? Also, are you comparing worksheets within a workbook or two workbooks? You switch back and forth through your post.

 

[Perodin]

Are you open to a VBA option? Also, are you comparing worksheets within a workbook or two workbooks? You switch back and forth through your post.

A VBA option would be fine, but writing it myself is still beyond me without much more practice.
Everything I want to compare is in 1 workbook, but separated into sheets. Sorry for not being more accurate.

 

[Perodin]

If its easier i could also drop the inventory data range into each individual worksheet, but would like to avoid this.