Weights and Pivot Tables

I have a rather large dataset in Excel and am using Pivot Tables to create cross tabulations with the data. I'd like to apply a weight to the Pivot Tables. In SPSS (or similar stats programs), weighting the table would be done by going to "weight cases", choosing the variable to use as a weight, and creating a cross-tabulation with the applied weight.

Is there an equivalent in Excel that would allow me to apply a weight variable to a Pivot Table? If not, what other options do I have to apply weights to individual cases to get a resulting weighted Pivot Table?

Thanks--

Option 1
Create a Calculated Field in Excel and construct the formula to multiply the weighting factor against the applicable item in the field list.

Option 2
Create the weighted value in your raw data using a formula and include this extra column of data in the pivot table.