The folks over at iSuppli have teared down the new iPhone 4S, this time providing a detailed analysis as well as the estimated cost to manufacture the handset.

While the iPhone 4S looks almost completely identical to the previous generation iPhone 4, there are some changes inside the new handset which seem to have translated to a 50 cent cost increase from the iPhone 4…

The 16 GB iPhone 4S model carries an estimated bill of materials (BOM) of $188, while the 32GB 4S BOM is $207, and the 64GB 4S BOM is $245. Last year, iSuppli estimated the 16GB iPhone 4 parts cost a total of $187.51 to make.

As noted by iFixit’s teardown, Apple has decided to use Qualcomm baseband chip (which costs around $14-$15) in the new iPhone 4S, instead of the previous baseband chip from German chip maker Infineon, which was purchased by Intel last year.

Additionally, according to the report, it seems Apple has used Hynix for its flash memory instead of Samsung which it has used in the past. This probably was due to the legal tensions between the two companies, although the iPhone 4S A5 processor is still manufactured by Samsung and the A6 is rumored to be as well.

The 8-megapixel camera in the 4S is reported to cost $17.60, although the research firm has stated that tracing the part back to its supplier has been difficult. Additionally, although it had originally been reported that the sensor had been manufactured by Sony, it seems Largan and Omnivision are also listed as potential suppliers.

Keep in mind these estimates don’t include costs for items such as labor, shipping, advertising, software development, or patent licensing.