Product - Option to mark inactive/obsolete

Product - Option to mark inactive/obsolete

I would like the ability to mark a Product as no longer in use. This would make it no longer visble in any drop down lists, but would retain the history. Currently, I create a Product for each software release. Once a new release is available, the previous one could be marked as "no longer in use" and wouldn't show up.
I have created my own Additional field, but this doesn't affect the list and I can't use it in creating reports against accounts.

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