averaging variable range of cells

[wiganda]

Hello,
I am trying to do some calculations (average and std dev) to a variable range of cells. I know there are some threads out there dedicated for this issue. I looked at this one:
http://www.excelforum.com/excel-gene...ble-range.html
this would be a quick solution if you have limited number of rows. In my case, I am trying to do calculations on thousands of rows and it would be impossible to go down the list identifying when the row starts or ends.

So what I have is Col 1 to be item# and Col 2 to be its Col1's value. The item# varies, some only has 1 value some has up to 8. I would like to average all the values corresponding to a single item#

I have posted an example of what I would like to do. I was hoping that there would be an easier way to do this. Thank you in advance

Wiganda