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This video tutorial demonstrates how to use pivot table calculated field and calculated items to automate reporting and analysis. It explains the difference between calculated field and calculated item, and how to add useful fields and items in a pivot table. Viewers will also learn how to add formulas like sum if and and functions to their calculations. To start, press ctrl and a keys to select all data, click on insert pivot table, and create a new sheet. Arrange customer name, calendar month, gross and net sales, and standard margin in the pivot table for analysis.