Issue: In SharePoint OOB, we cannot include look up column values in calculated fields.
Reason: Look up column value is a combination of ‘ID’ and ‘Display Value’. E.g. If we select ‘Canada’ internally it will store it as “213#;Canada”, where the first one is ID and second one is display value.
Workarounds: We can use event handlers or simple workflow to copy the look up values to other columns.
P.S. I am still looking for best workaround.