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Is there a way I can merge two custom lists together to another list(both with a common value like report name), and then be able to do a simple calculation.

I have seen ways using sharepoint designer, but I need to be able to do a calculation after I have merged the two.

so can this be done in a workflow? or is there another way?

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I wouldn't give up on the SharePoint designer route just yet - you can use a DataView Web Part, and perform the calculation in the XSL

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