It cost Apple $178.96 to make its newest iPhone, the 3G S, according to a teardown analysis by research firm iSuppli. The 16GB iPhone retails in the U.S. for $199 with a two-year contract with AT&T, Apple's (NASDAQ: AAPL) exclusive carrier.

The iSuppli analysis is based on its own physical deconstruction of the 16GB device and the firm's estimates of component costs.

Like most manufacturers, Apple doesn't release costs or detailed component information, which can sometimes make it hard to identify parts that aren't always labeled or for which the cost isn't readily available.

iSuppli said the 3G S uses many of the same components as the earlier 3G model -- which the firm earlier estimated cost Apple $174.33 to build -- and was able to take advantage of a drop in some component parts.

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