Currently, when you create records in a custom table by going to Product \ Custom Tables, and then going to the tab for that table, you are not able to filter by Product for that record in reports. This is strange because when you open the record to edit it, it lists at the top what Product the record is attached to.
There is a work around by adding a master-detail custom field to the Product and adding records through the Overview, bu this clutters things up pretty fast and shouldn't be necessary.