I did this cake a couple weeks ago and now someone who will be paying for the cake would like one just like it for her daughter. It was a pretty basic cake inside, one layer chocolate and one yellow with bc filling. Outside is all bc with fondant accents. In one picture you will see that I made the smash (individual) cakes...though for this customer there would only be the one smash cake. I am just getting into fondant and putting more of it on my cakes and need some help pricing this cake. Here are the links to the cakes...two views - thanks!
http://www.cakecentral.com/cake-photo_771333.html
http://www.cakecentral.com/cake-photo_771153.html
I use Earlene's chart, and according to that, a 12" serves 45 and an 8" serves 15. That is 60 generous servings, plus the smash cake. I would price it at $2.50/serving (maybe more depending on cake flavor). Add another $5 or so for the bow on the side. So that's at least $155. Don't think of it as $155 for "just a cake", think of it as a hand-crafted custom dessert that is feeding 60 people! 
Also take into consideration what your costs are and how much time it will take you.
Here is Earlene's chart:
http://www.earlenescakes.com/ckserchart.htm
According to my calcuations there would be 80 servings. Easily a $100 cake.
Take into consideration the coard, doily, fondant, bow, mix, eggs, box and you time.
As was mentioned, don't think of it as 'just a cake' becuase there are very, very few places (bakeries) that would do such a design. YOu deserve to be paid for your talent.
I use a serving size of 1x2x4 to figure my cost. So I come up with 72 servings for the tiered cake. As long as there is only buttercream filling my price would be $2/serving. So $144.00
For the smash cakes I do not charge for a 1st birthday, but if they want one for any other age then they have to pay for it. Since you did a larger party cake I would charge per serving for the small one too. Typically I charge the same for a 3" cake as I do a 6" b/c I am still mixing up the same amount of batter and Icing, and doing the dishes etc... But since it would use up extra batter from the larger cakes I would just charge the $2/serving.
So to summarize my long winded answer:
12" = 52 servings
8" = 20 servings
3" = 3 servings
75 servings @ $2.00 each = $144.00
Bow = $5.00
Fondant accents = $10.00
Total = $159.00 (you may want to double check my math but I think it's right)
According to my calcuations there would be 80 servings. Easily a $100 cake.
Take into consideration the coard, doily, fondant, bow, mix, eggs, box and you time.
As was mentioned, don't think of it as 'just a cake' becuase there are very, very few places (bakeries) that would do such a design. YOu deserve to be paid for your talent.
She makes a very good point. Try taking your picture to a few local bakeries (NOT the grocery store or Wal Mart, they wouldn't even touch this) and ask for a quote. I'll eat my hat if it's less than $200.
thanks for your replies - you know, I've never charged close to that much for a cake (other than my first wedding cake I did a couple months ago which I did charge $2/serving). It is still hard for me to charge people that much for their cake, even though I know I am giving them a product they couldn't get at the grocery or local bakery. I see all the talent out there and think, "how could I charge as much for my cakes as that cake". I've not loaded any of my other cake pictures on the website yet, but it sure would be interesting to see what kind of prices you all would think they could go for...although I may not want to know about the money I've missed out on 
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