This is a thing many of us struggle with - how to price. I'm just setting up my etsy shop and so have been reading all the help and stuff available on this subject!
One of the things that stood out from the etsy stuff for me was the fact that crafters tend to undervalue themselves and their wares.
If someone really likes and wants to buy your item, they will most likely buy it at whatever price you quote (within reason). If you make the price too cheap, they may feel like the item isn't of the best quality.
The thing that I remember the most from the stuff I read is that you should set a price you're a tiny bit uncomfortable with (as in, slightly higher than you feel happy about, lol) - if your buyers really want your item they will feel happy about paying for it!
With regards to your actual pricing, maybe try your supplies + your time + a few extra bucks?
Hope that's of some help! ^^
