That sounds way to high.
If your "making" is my profit, over the thumb 1/3 before taxes is a healthy calculation.
I would not even wonder if it is only 1/4 or less for first product.
Between 100$ and 170$ is my guess.

There are much more things to consider before making profit than production costs. Like development costs, wages for the whole team, handling returns, a nice office, the obligatory ferrari.