MSRP-BoM !=Profit
You have to consider engineering costs, patent agreements, development of the initial apps, marketing costs and if Apple is to be believed they were having major fallout in manufacturing so the cost of defects also drove it up. That of course assumes building out the supply chain goes without a hitch. There are a lot more moving parts in designing and manufacturing a product than the cost of the sum of the parts.
Apple is notorious for raping its customer base but I doubt they would make over 50% margin on them. Probably closer to 30%.
Biting the hand that feeds IT
