What iPhones really cost We reveal piece by piece what it actually cost Apple to make the 4S

Out of contract, the iPhone 4S will cost you ?499, but the nuts, bolts and high-end circuitry inside cost far less.

Source:
http://www.dailymail.co.uk/home/moslive/article-2059829/Apples-iPhone-4S-price-How-really-costs-make.html