I've got to say that your formula is what I call "the red zone" for selling stuff. You're probably going to have a hard time selling many at that price and even if you sold a hundred, you're so low down on your hourly wage that you're at or below min wage. Keep in mind that you are competing with things such as this...
http://www.etsy.com/listing/11123675...FUeCQgodaT0AMg
so you can see that your price is many times what they are asking for what most consumers would see as a similar item.
When I see this happen with my work I usually find ways to increase speed and efficiency... in your above case, by a lot... a whole lot
Consider - batching out parts (do 20 wheels at once, 20 handles at once etc) and then pre-carving sides and setting up a jig to customize them etc etc... Also, I'd rather spend $2 more on wood for a project that uses a hardwood, can be carved on Normal, and doesn't need much sanding... my time is worth more and I can in turn usually charge more.
Also, waste as little as possible. you've listed $30 in materials (is that just the wood or does it include finish/glue/sandpaper etc?) In either case, jigs/sleds are your friends for not wasting materials as is (as I've mentioned) batch cutting to cut down on waste.
and then... speed... blazing speed... and make sure your work stands out in some way that sets it apart....
Good luck and I'm sorry to be such a party pooper on this one but I don't want to blow smoke up your rear either.
Lawrence