Never include shipping costs to the cost of the item. It's a separate charge dependent on where the item is being shipped. So unless you're offering free shipping (don't do that) then people will generally assume shipping is a separate cost to their purchased item.
I think the pricing math that archangelsephiroth gave is pretty good and gives you a nice price, though I'd see how much it costs with and without the added $15 an hour per figure (so just cost + 60% markup) and then decide which of the two you want to see it at.
Realize you aren't going to sell a lot, but those that want to buy them will be interested, so don't sell yourself short. As others have said, quality matters, so good quality is always worth the cost.
Also, maybe offer painted and unpainted versions with the unpainted versions being a bit less expensive (remove painter costs and maybe only a 50 or 55% markup).