Styles and Conditional formatting allows formatting significant amounts of data quickly and depict the data based on the conditions set up. Styles can also be pre-created and used while designing reports. Conditional formatting enables you to color-code a cell dependent on the value in that cell or another cell. Conditional formatting is very useful when you want to highlight significant data values in a report.
You can create and use formula fields in your report when value of a report field is calculated based on other fields (database fields and or other calculated fields) of the record. For example, price = rate * quantity.