Abreviated Income Statement$thousands, except EPS31-Dec-20 31-Dec-19 Total Revenue1,710,700 720,425 Cost of Goods Sold420,284 233,369 Gross Profit1,290,416 487,056 Operating Expenses67,340 54,288 Operating Income1,223,076 432,768 Interest & Taxes459,583 296,560 Net Income763,493 136,208 EPS, 50,000,000 shares outstanding 15.27 2.72 (Round all answers to two decimals, i.e. 12.00)

a) Calculate the degree of operating leverage (DOL).

b) Calculate the degree of financial leverage (DFL).

c) Calculate the degree of combined leverage (DCL).

What do the degree of operating leverage(DOL, degree of financial leverage (DFL), and degreeof combined leverage(DCL) You obtained in the previous question mean? Explain fully using your results.