Cost to Manufacture iPhone 5 is $167

No, the BOM is the price of all the components at the expected volumes of the given manufacturer.

That's like saying the cost of dinner at a fancy restaurant was the shoppers grocery bill. There is the staff costs and storage/movement costs as well as all the rest of the infrastructure to add to that.

These articles are infuriating. A BOM is not the same as the cost of manufacture. Doesn't matter if it's Apple, Ford, Samsung or Kmart.