You can do it either way:
Calculate it in your query, and display it in a calculated column (such as when showing line totals where you're displaying
ITEM_PRICE, QUANTITY, ITEM_PRICE * QUANTITY AS LINE_COST
.Calculate it in your application, using a calculated field (double-click the TTable component to open the Fields Editor, add field, set the type to ftCalculated, and write code in the OnCalcEvent for that calculated field.
The first choice is usually preferable, because the DB is usually more efficient at doing those sorts of thing on sets of data than when your code does it by row instead. (Set operations are obviously more efficient than row operations.)