How much would it cost to manufacture an iPhone (apple’s cell phone)

Business week has this interesting article, where a silicon valley marketing research firm iSuppli makes a guess about the cost.

Adding up the cost of all the parts that Apple is expected to use in the device suggests it will cost about $230 to build the 4GB version that will sell for $499 and about $265 to build the 8GB version that will sell for $599.
The single most expensive part will be the 3.5-inch touch-sensitive display, which iSuppli says will cost $33.50, while the combined cost of the NAND-type flash memory chips—probably supplied by Samsung—will run $35 to $70, depending on the model.