It's not quite the same thing but when I worked at a beading store about a decade ago, the people who made jewelry calculated $5 for every hour of labor and doubled the cost of materials when pricing. They also factored in the price of comparable items and the difficulty of making the piece into the final price.
Originally Posted by multicultcurly
This. come up with a formula and don't forget to add in a buffer for wholesale orders (10-30%). If someone asks for a bulk quantity with a discount, you want to be able to give them a break in price