The materials price isn't indicative of cost unless you know what assembly, shipping, replacements, 3rd party retail margins, R&D etc costs. Given Apple have de

The materials price isn't indicative of cost unless you know what assembly, shipping, replacements, 3rd party retail margins, R&D etc costs. Given Apple have designed their own chips since the A5 (with the A4 optimised by Intrinsity and Samsung, the former acquired by Apple) and their own GPUs since 2017 I'd say the R&D cost isn't trivial. Unlike manufacturers like Samsung etc, they make their own OS top to toe. I think it's more useful to look at their financials as the iPhone is their highest grossing product, with guidance of a ~35-40% margin.