Zhuge's numbers make sense.
The actual third party costs on a serviced packaged (from stamp to ship) is going to be in the neighborhood of 9-12$. The costs of a serviced packaged for a 32GB card being ~60% put you on the upper bound of ~7-8$ added already just from that linear increase.
Because retail cut is also based on a flat percentage, not a flat number, the increased cost of the package at retail (say, marked up to 45-48$ from BRDVD $40), results in a ~1-4$ markup added for retailer cut.
$40+8+2 ~= 50$USD
I'm actually surprised that the 32GB Masked ROM is actually that cheap, or that the 8GB is flat with BRDVD stamping + serviced package costs. Nintendo has to be eating some losses on these ROMs to make that lower end 8GB parity make sense.
Yeah, this makes sense.