What is good for performance calculation in select st. or in formual column

Dear Friends,
I would like to ask you regarding what is good for performance specially i'm developing reports for EBS .
is it better to calcualte total of 5 columns in select statment directly or using formula columns to do this,
Regards & Thanks
Yas

I'd focus on easily readable query, namely use formula column if otherwise the query get too long or too complicated to read/maintain. Have inherited many ugly long queries/reports and hate to maintain or fix bugs for them etc.

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