On the FCF$/$DCF sheet, why do we calculate the COGS excluding the expense taken for D&A$,$

and expense this separately? $($Select the best answer$)$

Because we want D&A to be involved in at least three calculations on the FCF$/$DCF sheet

Because D&A is not an actual cash flow, only an expense for tax purposes

Because we want to see D&A separately from COGS as it is not a direct cost of our products

Because this allows us to eventually calculate EBITDA, which is a very commonly used metric of what

is being generated by the firm's normal activities, and a multiple of EBITDA is commonly used as a

method to value the firm