Please answer the following question of accounting.

S Co, a shoe manufacturer, has developed a new product called the 'Smart Shoe' for children, which has a built-in tracking device. The shoes are expected to have a life cycle of two years, at which point S Co hopes to introduce a new type of Smart Shoe with even more advanced technology. S Co plans to use life cycle costing to work out the total production cost of the Smart Shoe and the total estimated profit for the two-year period. S Co has spent $5.6m developing the Smart Shoe. The company has applied for and been granted a ten-year patent for the technology, although it must be renewed each year at a cost of $200,000. The costs of the patent application were $500,000, which included $20,000 for the salary costs of lawyer. The following information is also available for the next two years: Sales volumes (units) Selling price per unit Material cost per unit Labor cost per unit Note: A unit is a pair of shoes Year 1 280,000 55 16 8 Other costs are expected to be as follows: Fixed production overheads Marketing costs Selling and distribution costs Environmental costs Required: Year 1 1.6 2.61 0.6 0.1 Year 2 420,000 45 14 7 Year 2 2.2 2.07 0.9 0.15 Applying the principles of life cycle costing, calculate the total expected profit for Shoe Co for the two-year period. (you will score marks only if calculations are provided)