Come on let's keep this in the realm or reality.
There is no way these would cost $20 to make unless Sennheiser was selling an obscene volume of these. These are not a commodity item that is mass produced in quantities that could offset the non material costs. Even on commodity items the prices don't drop until the R&D, capital, and tooling costs can be offset.
There is far more than the material costs to produce these.
With the number of components in these phones there must be a huge investment in tooling.
Investment in R&D
Marketing and other sales and administrative costs.
I'm sure there is a huge mark up on them, but I'm also sure Sennheiser isn't making money on them yet.
With these I'm sure they are quite a bit above $20 especially that parts were designed for it and 2 years of research were carried out for it. I understand these things cost money to design and make but really this pricing is a Grado-inspired positioning move.