According to a report authored by iSuppli, hardware and manufacturing to create a 16GB Wi-Fi only iPad costs Apple $229.35. At a retail price of $499, Apple will make a whopping 54% profit on each unit.
Looking at production costs for the 32GB 3G iPad, iSuppli estimates the cost at $287.15. This model is the most profitable for Apple on a percentage basis (61%), as the unit retails for $729. Shipping costs are not included.